Egypt’s May Inflation Soars to 32.7% Annually.

Egypt’s annual inflation rate rose to 32.7% in May from 30.6% in April, according to data released by the Egyptian Central Agency for Public Mobilization and Statistics today, Saturday.

The Central Agency for Public Mobilization and Statistics reported that the monthly inflation rate rose by 2.7% in May.

Where he said in a press release published on his website that the country’s overall consumer price index reached 174.1 points last month, registering an increase of 2.7% compared to April last year.

The agency attributed this to a rise in prices for cereals and bread by 4.6%, meat and poultry by 2.1%, seafood and fish by 9.8%, oils and fats by 5.9%.

Egypt, heavily dependent on imports, is suffering from rising prices for goods and services as a result of the devaluation of the Egyptian pound against the dollar and difficulties with foreign exchange flows.

Previously, credit rating agencies pointed to increased financial risks for Egypt due to the growth of its future needs.

As a result of financial risks, Standard & Poor’s changed its outlook on Egypt from stable to negative, while Fitch downgraded Egypt’s credit rating from B+ to B with a negative outlook.

Source: agencies

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