Egypt's Inflation Rate Hits Record High of 36.8% in June, Fueled by Soaring Food Prices During Eid al-Adha Holidays
Egypt's annual consumer inflation rate has hit a record high of 36.8% year-on-year in June, according to data from the official statistics agency CAPMAS.
The surge was driven by higher food and beverage prices during the Eid al-Adha holidays, with food and beverage prices rising by 64.9% last month. On a month-on-month basis, the country's overall inflation rose to 2% in June.
The Central Bank of Egypt has set a target of 7% (±2%) inflation rate by the fourth quarter of 2026, and has stated that it will not hesitate to use all available tools to bring inflation down to its target.
