According to the data in July, the inflation in Egypt amounted to 34.2 %. (File picture: Reuters)

Inflation in Egypt reached 33.2 percent in August on a year-on-year basis, the Egyptian Central Agency for Public Mobilization and Statistics said in a statement on Sunday.

In July, the inflation in Egypt amounted to 34.2 percent, according to the data.

Since August 2016, food and non-alcoholic drink prices have increased by 42.2 percent, while price of clothes and footwear has risen by 28.4 percent. Prices of cigarettes and alcohol went up by 44.4 percent and 50.3 percent respectively.

In November 2016, the Central Bank of Egypt floated the country's national currency, the move resulted in its significant devaluation. Before the liberalization measure was introduced, the US dollar's official selling price was 8.8 Egyptian pounds, while now one US dollar is equivalent to 17.6 Egyptian pounds. While this measure allowed the Egyptian authorities to combat black market currency traders, it also led to the increase in prices of subsidized goods and services.

Egypt has been involved in implementing economic reforms approved by the International Monetary Fund. The Central Bank of Egypt aims to reduce the inflation to 13 percent by the end of 2018.

- Sputnik