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· Egypt has the world’s highest interest rates when adjusted against inflation, according to the news agency Bloomberg
· The agency said that consumer prices in urban parts of Egypt grew at the slowest annual pace since November riding on the back of pandemic, which had disrupted the demand and supply and food costs declined
Egypt has the world’s highest interest rates when adjusted against inflation, according to the news agency Bloomberg. The agency said that consumer prices in urban parts of Egypt grew at the slowest annual pace since November riding on the back of pandemic, which had disrupted the demand and supply and food costs declined.
Egypt’s annual consumer price inflation recorded 4.6 percent in July 2020, compared to 7.8 percent in July 2020, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). The annual core inflation rate reached 0.7 percent in July, down from 1 percent in June. Almost one-third of Egyptian households said their income was insufficient to meet their needs in May, according to the data shared by the news agency.
Over 25% of the employed Egyptians lost their jobs between the end of February and May. About 90% of Egypt’s households switched to cheaper food to adjust to the new circumstances of income coming down drastically. The intensity of the slowdown depends on when the contagion will subside, according to the new agency.
