Annual inflation in Egypt hit 39.7 per cent in August, official figures showed Sunday, an all-time high for the country as it grapples with a punishing economic crisis – a country facing the consequences of market-based exchange rate formula of International Monetary Fund (IMF) as is the case with Pakistan. Earlier, it was reported that Pakistan’s inflation rate stayed above target at 27.4pc in August, as reforms set out as conditions for an IMF loan complicate the task of keeping price pressures and declines in its rupee currency in check. The latest figures in Egypt come immediately after the previous record of 38.2pc was recorded in July.
