Two Egyptian women shopping in a supermarket in Cairo, Egypt. REUTERS
The monthly core inflation eased to 1.3 percent in July 2023, down from 1.7 percent in June 2023.
On the other hand, the annual headline urban consumer inflation rate rose to 36.5 percent in July 2023 from 35.7 percent a month earlier.
The monthly headline urban inflation registered 1.9 percent in July 2023, down from 2.1 percent in June.
Egypt’s headline annual inflation rate kept its upturn in July 2023 to hit a new record level, jumping to 38.2 percent, up from 14.6 percent recorded in the same month of 2022.
Urban headline inflation measures the rate of price increase of goods and services typically consumed by urban households, while core inflation excludes volatile items such as food and energy prices.
Since March 2022, following the start of the Russian-Ukrainian war, Egypt’s inflation has maintained its upward trend. The Central Bank of Egypt has hiked key interest rates by a total of 11 percent (1100 bps) over the past 17 months in a bid to contain the soaring inflation.
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