Inflation at nearly 40% in Egypt, highest historical level

Inflation reached 39.7% in Egypt in August, according to official figures released on Sunday, the highest historical level in this country which is going through the worst economic crisis in its history. The national statistics institute reports in particular an annual increase of 71.9% in food prices, 15.2% for transport and 23.6% for clothing. In recent months, Egypt has experienced a rise in inflation and a devaluation of almost 50%, on the one hand because, as the world's largest importer of wheat, it is suffering from the war in Ukraine, and on the other hand because its debt exploded. 85% of its wheat imports come from Russia and Ukraine. Of the 12.5 million tonnes purchased, 8.1 million come from Moscow and 2.5 million from kyiv. In recent months, Egypt has experienced a rise in inflation and a devaluation of almost 50%. Production too low The country of 105 million inhabitants, the world's largest importer of wheat, is bearing the brunt of the war between Ukraine and ...