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Inflation at nearly 40% in Egypt, highest historical level

Published Sep 11, 2023

Tridge summary

Inflation in Egypt reached a historic high of 39.7% in August, mainly driven by a 71.9% increase in food prices. The country's economic crisis is worsened by its status as the largest importer of wheat, with 85% of its imports coming from Russia and Ukraine. Egypt's debt has also skyrocketed, making it one of the five countries most at risk of defaulting on its external debt.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...
Source: Bfmtv
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