The highest in 4 years: Egypt’s annual inflation hits 14.6%

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On Thursday, the Central Agency for Public Mobilization and Statistics issued a statement announcing that the annual urban consumer price inflation rate rose in August to 14.6%, the most effective rate since November 2018, when it recorded 15.7%. Also, every month’s inflation rate rose by 0.5%, as the general consumer price index reached 131.7 points in August, compared to 131 points in July. Food and beverage prices increased by 24.3%, alcoholic beverages and cigarettes by 8.9%, and transportation by 16.5%.

Egypt is also currently suffering from the high prices of imported goods, as the import bill has risen to more than $9 billion per month from an average of $4.5 billion.