Egypt’s annual inflation hits a new record, reaching 39.7% in August

CAIRO (AP) — Egypt’s annual inflation rate has hit a new record high in August, as the cash-strapped country continues to battle price hikes and a depreciating currency. Official data released Sunday shows the annual inflation rate reaching 39.7% last month, up from 38.2% recorded in July. The inflation rate in August more than doubled compared to the same month last year, when it recorded 15.3%. Prices in Egypt rose across many sectors, from food items and medical services to housing and furniture following the Russia-Ukraine war, which unleashed a wave of inflation across the globe. The inflation surge is compounded by economic pressures, shortage of foreign currency and successive devaluation of the local currency.