Egyptian inflation rates at 8-year high

Inflation reached 16.4 per cent in Egypt in August, its highest rate since 2008, the Central Agency for Public Mobilisation and Statistics revealed in a statement.

The rise was caused by the deterioration of the value of local currency, the increase in the price of electricity, food and drink.

The number of consumers also rose in August by two per cent when compared to the number from July.

Egyptian had applied to loan from the International Monetary Fund to help with settle its financial woes, this was denied, however it is now actively seeking Gulf backing to ensure the survival of its economy.

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