Egypt’s annual urban inflation rate rose to an all-time high of 36.5% in July, up from 14.6% in the same month a year earlier, the country’s Central Agency for Public Mobilization and Statistics (CAPMAS) announced Thursday. The record year-on-year increase was mostly driven by price hikes of grains, hotels, alcohol and cigarettes, and healthcare. Food and drink prices registered a 68.2% increase compared to that of July 2022, the CAPMAS said in a statement. The previous record of annual inflation rate rise was registered last month at 35.7%. Meanwhile, Egypt’s annual core inflation inched down slightly to 40.7% in July down from 41% in June, according to the Central Bank of Egypt.
