CAIRO, Aug 10 Reuters Egypt39;s annual headline inflation rose to a new alltime high of 36.5 in July, in line with analysts39; expectations, as food prices soared, data from the country39;s statistics agency CAPMAS showed on Thursday.

Monthonmonth, prices rose 1.9 in July, down from 2.08 in June.

Core inflation, which strips out volatile items like food and fuel, eased slightly to 40.7 in July from 41 in June.

Prices have climbed rapidly during a foreign currency crisis that has triggered three devaluations since March 2022. Many Egyptians have seen their living standards slide.

Headline inflation was 35.7 in June, also a record high.

The median forecast of 15 analysts polled showed annual urban consumer inflation rising to 36.5 in July. The previous high of 32.95 was recorded in July 2017.

Food and beverage prices rose by an annual 68.4 in July, CAPMAS said.

Food prices were mainly impacted by a 9.1 monthly increase in fruit prices and 4.8 in vegetable prices, which are largely volatile and are excluded from core CPI, said Sara Saada of CI Capital, which had forecast July inflation of 35.4.

We expect inflation to average c.32 in 2023, with possible upside on the continuation of the implementation of deeper fiscal reforms, including possible higher electricity tariffs and approving new telecom tariffs, she added.

The IMF in December approved a 3 billion, 46month Extended Fund Facility loan for Egypt after the Ukraine crisis exposed vulnerabilities in its…