Egypt's central bank released data on Sunday showing that the country's annual inflation rate for May rose from April's 38.6% to 40.3%. Month-on-month, the May inflation rate rose from April's 1.7% to 2.9%. After a series of currency devaluations, long-term foreign exchange shortages, and continued delays in imports, Egypt's inflation rate has sharply risen over the past year. Since March 2022, Egypt has devalued its currency by half.