Annual Consumer Price Inflation Rises in Egyptian Cities

Data from the Central Agency for Public Mobilization and Statistics revealed today, Monday, that "annual consumer price inflation in Egyptian cities rose from 32.7% in May to 35.7% in June." Egypt devalued its currency against the US dollar by nearly half since March 2022, following the repercussions of the Russian invasion of Ukraine which exposed flaws in its economy. However, the initial review of the program was delayed amid uncertainty regarding Egypt's commitment to implementing a flexible exchange rate system. Inflation in cities reached its highest level in July 2017, when it hit 32.952% after 8 months of the pound being devalued against the dollar by half as part of a previous $12 billion support package from the International Monetary Fund.