Egypt’s headline inflation rate increased to a record 35.8 per cent in June, as food prices continued to surge in the country, which is grappling with an economic crisis.
That's up from the 32.7 per cent reported in May, data from the country’s statistics agency Capmas revealed.
Before the data's release by Capmas on Monday, analysts had predicted that the inflation rate, which has been steadily increasing since last year, would rise to a new high due to higher food prices than in May and an unfavourable base year contribution.
Food prices were driven higher in June due to increased demand during the Eid Al Adha feast, according to the forecast by Naeem Holdings.
The feast is typically a time when food consumption rises as Muslims celebrate one of their most important annual holidays.
However, food prices, which increased by 1.8 per cent from May, are showing signs of moderating, according to a report from Goldman Sachs.
The change between May and June was the lowest monthly rate of increase since last August, the report showed.
The largest increase in food and beverage prices was in February when it was 14.4 per cent higher than the previous month.
Additionally, the report said there may be signs that inflationary pressures on the Egyptian economy have begun to abate and that headline inflation has peaked.
“All else equal, we expect food prices to continue to moderate in the months to come, and headline inflation to remain at current levels before starting to decline in [the fourth quarter] of this year,” the report said.
The investment bank conceded that its projections for the Egyptian economy could be skewed if the local currency continues depreciating amid “present FX pressures”.
Government debt could also be an issue, as a growing foreign exchange backlog has impeded the government's efforts to attract capital inflows to Egypt.
The backlog is also why the government has been stalling on a large-scale asset sale programme under which it has pledged to sell more than 30 state-owned companies to private sector entities, Goldman Sachs said.
“These pressures could precipitate further FX weakness in the coming months, presenting upside risks to our inflation forecasts.”
Egypt has consecutively devalued its currency three times since March 2022 and the pound has lost over half of its value since then.
A marked rise in global food and energy prices, brought on by the Russia-Ukraine war, led to several economic reforms being undertaken by the Egyptian government, such as requesting a loan from the International Monetary Fund, which was approved in December.
The programme has stalled, however, and the fund has not yet conducted its first review of Egypt’s economy following the funding approval.
Cairo has said that fighting inflation is a priority. The central bank is targeting an inflation level of 7 per cent by the fourth quarter of next year.
Last month, Fitch Ratings revised Egypt's outlook to negative and gave the country its first downgrade since 2013, citing the lack of economic reforms and challenges to its fiscal system.
The country's long-term foreign currency issuer default rating was revised to 'B' from 'B+', five levels below investment grade, the ratings agency said.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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The biog
Name: Gul Raziq
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Family: Wife and six children
Favourite holes at Al Ghazal: 15 and 8
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End of free parking
- paid-for parking will be rolled across Abu Dhabi island on August 18
- drivers will have three working weeks leeway before fines are issued
- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket
- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200.
- The penalty for failing to pay for a ticket after 10 minutes will be Dh200
- Parking on a patch of sand will incur a fine of Dh300
MATCH INFO
Uefa Champions League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Gothia Cup 2025
4,872 matches
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26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Abu Dhabi card
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Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
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UAE currency: the story behind the money in your pockets
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
