The Egyptian pound has lost half its value against the dollar since early last year, shooting prices upward and adding to the burden of families struggling to make ends meet in the import-dependent country.
The latest figures, a rise of almost 37 per cent from June last year, also showed a two per cent month-on-month jump from May this year. Official data had shown skyrocketing inflation appearing to ease in the past few months, before food and drink prices alone registered a 64.9 per cent increase compared to June 2022, state statistics agency CAPMAS announced on Monday.
The economic crisis has been worsened by Russia’s invasion of Ukraine last year, which destabilised crucial food imports. Even before, 30 per cent of Egyptians were living below the poverty line, according to the World Bank.