Egypt annual headline inflation in September highest in four years: CAPMAS

Ahram Online , Monday 10 Oct 2022

Egypt’s annual headline inflation rose to 15.3 percent in September, up from eight percent in September 2021, reaching the highest level since recording 15.7 percent in November 2018.

inflation
Tawfiqiya shopping market in downtown Cairo. Ahram Online

 

According to a report released by the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Monday, the increase in inflation was the result of the surge of various basic commodities and services.

According to the report, the prices of food and beverage rose by 21.5 percent and the prices of clothes rose by 12.8 percent.

The cost of water, electricity, gas, and fuel increased by 6.5 percent, the report indicated.

Meanwhile, CAPMAS said that the monthly inflation rate inched up by 1.6 percent from August to September.

It attributed the rise in monthly inflation rate to an increase in the prices of food and beverages by 2.1 percent, vegetables by 6.2 percent, dairy, cheese and eggs by 4.4 percent, and meat and poultry by 1.8 percent.

The prices of various other commodities also increased by four percent, the report said.

Despite rising inflation in recent months, the Monetary Policy Committee (MPC) at the Central Bank of Egypt defied expectations in late September by maintaining key interest rates at 11.25 percent for overnight deposits and 12.25 percent.

The MPC is expected to meet again on 3 November.

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