Egypt’s annual inflation hits 15.3% in May: CAPMAS

MENA , Thursday 9 Jun 2022

Egypt’s annual inflation reached 15.3 percent in May, compared to 4.9 percent in the same month of 2021, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Thursday.

Inflation
File Photo: A woman shopping for her house needs in a small market. REUTERS

 

On a monthly basis, inflation hit 130.2 points last month, recording a 0.9 percent increase compared to April 2022, according to the CAPMAS.

CAPMAS attributed the rise in the annual inflation rate to the increase in the prices of the fish and seafood by 5.3 percent, the fruit by 2.3 percent, the cereals and bread by 10.9 percent and the dairy, cheese and eggs by 1.9 percent.

At the same time, they noted the decrease in the prices of vegetables by 15.4 percent and meat and poultry by 0.4 percent.

Egypt’s headline annual inflation rate accelerated in April to 14.9 percent, up from the 12.1 percent recorded in March and 4.4 percent in the corresponding month in 2021.

Last May, the Central Bank of Egypt (CBE) raised key interest rates by two percent (200 basis points) as the government attempts to deal with the negative economic repercussions of the Russian-Ukrainian war and curb inflationary pressures.

The Monetary Policy Committee (MPC) of the CBE  attributed its decison on 19 May, to the slowdown of global economic activity and global inflationary pressures due to ongoing Russian-Ukrainian war. 

Search Keywords:
Short link: