Inflation in Egypt reached 36.8% in June over one year, an absolute record for this country plunged into the economic crisis, according to official figures published on Monday.
The previous record of 34.2% in July 2017 followed this year, a sharp devaluation of the currency linked to a bailout loan from the International Monetary Fund (IMF).
The Egyptian pound has lost half its value in a year, driving prices up as households struggle to make ends meet in an import-dependent country.
CAPMAS reported on Monday that food and drink prices have risen 64.9% since June this year, though overall inflation appears to have eased in recent months.
Even before the current economic crisis, two-thirds of the 105 million people lived below or just above the poverty line, according to the World Bank.
Egypt’s economy was severely affected by Russia’s invasion of Ukraine in February 2022, which sent wheat prices skyrocketing. As a result of the war, international markets have been destabilized, and investors have withdrawn billions of dollars from this country, where dollar reserves have declined by 20 percent.