Egypt’s non-oil private sector economy had its worst performance in two years as demand slumped after a sharp spike in prices and the pound’s devaluation while businesses struggled to secure the necessary supplies of raw materials. Input costs soared at the fastest pace for almost four years, prompting companies to raise their selling charges the most since February 2017, according to a survey published Wednesday by S&P Global. Its Egypt Purchasing Managers’ Index dropped to 45.2 last month from 47 in May, remaining below the 50 mark that separates growth from contraction for the 19th straight month. “Egyptian companies suffered from a sharp downturn in new business in June, leading to the strongest deterioration in economic conditions since Covid-19 measures were introduced,” said David Owen, economist at S&P Global Market Intelligence. “The sharp drop-off in demand came from rising inflation and tightening monetary policy.” Higher borrowing costs and deepening […]