Egypt’s annual urban consumer inflation rate rose to 32.7% year on year in March. This is a few points shy of the worse inflation rate experienced in July 2017, when the numbers came in at 32.9%. The rising inflation rate results from a series of currency depreciations, a lack of foreign currency, and ongoing delays in importing goods. Recently, Egypt hiked its interest rate, yet the failure of successive rate rises has fueled doubt among economists. Egypt is currently one of the 5 African countries with the worst debt crises. Inflation, rising borrowing rates, and a strong dollar have made it harder to repay loans and generate finances.
Source : Africa Business Insider
