Meanwhile, inflation in urban areas jumped to 13.1 percent, according to CAPMAS.

Monthly headline inflation also climbed by 3.7 percent in April, mainly driven by the rising prices of food commodities and services.

Accordingly, CAPMAS data showed that prices of food and beverages inched up by 8.1 percent in April; clothes and shoes by 3.8 percent; and housing, electricity, and gas by 1.1 percent.

On an annual basis, food and beverage prices rose significantly by 29.3 percent, transportation by 6.9 percent, and healthcare by 4.5 percent.

Inflation has been on the rise in Egypt due to a litany of multifaceted challenges; including the Russian war on Ukraine, the rising prices of food and energy globally, supply chain disruptions, and the already existing impacts of the COVID-19 pandemic.

The Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) is anticipated to convene on 19 May to review its key interest rates amid the recent economic developments on the local and global levels, particularly with regards to inflation.

In response to the elevating inflation, the CBE raised its key interest rates in an unscheduled meeting held in March by one percent (100 basis points) and devaluated the Egyptian pound by 14 percent.

The CBE said that such actions aim to preserve the gains of Egypt’s economic reform programme, curb the rising inflation, and keep foreign currency in the local market.

On a global level, the US Federal Reserve has hiked its benchmark rates by 0.75 percent (75 basis points) since March, seeing a 2.8 percent increase in interest rates through the end of 2022 in a bid to contain the negative repercussions of the inflationary wave.