Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Inflation in Egypt breaks records


September, 12 2023
watermark Economic news

In August, the annual inflation rate in Egypt reached new record levels, amounting to 39.7%. The country continues to suffer from a shortage of funds, price increases and currency depreciation.


In July, inflation was fixed at 38.2%. Monthly price growth was 1.6% in August, while in July it was 1.9%.


High inflation rates have affected food prices, which have increased by more than 70% compared to August last year. In addition, medical services, housing and furniture have become more expensive. 


Egypt is facing economic pressure, a shortage of foreign currency and the devaluation of the national currency, which has lost more than 50% of its value against the dollar since the start of the war in Ukraine in February 2022. This led to difficulties for millions of Egyptians, whose savings began to be depleted due to the rising cost of living. Official data indicates that about 30% of Egyptians live in poverty.


Egypt today is the world's largest importer of wheat, and most of its imports usually come from Ukraine and Russia. Moreover, it is the most populous Arab country with a population of more than 105 million people.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.