Egypt’s urban consumer inflation hits five-year high at 18.7% in November: CAPMAS

MENA. Ahram Online, Thursday 8 Dec 2022

Egypt’s urban consumer inflation jumped from 16.2 in October to register 18.7 percent in November - the highest figure since recording 21.9 percent in December 2017, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).



Meanwhile, the annual headline inflation rate rose to 19.2 percent in November 2022 up from 6.2 percent in November 2021, reported the CAPMAS.

The country’s monthly inflation rate rose by 2.5 percent in November (hitting 140.7 points) compared to October of this year.  

Vegetable prices rose by 7.8 percent, dairy (cheese and eggs) by 5.5 percent, and cereals and bread by 4.8 percent.

Prices of fish and seafood rose by 3.7 percent and meat and poultry by 6.8 percent, according to CAPMAS.

Egypt's headline inflation has been accelerating in the double digits’ zone since the outbreak of the Russia-Ukraine war in February.

The Egyptian pound lost 36 percent of its value in recent months after the Central Bank of Egypt (CBE) ushered two currency devaluations in 2022, announcing the adoption of a more flexible exchange-rate regime.

In tandem, the CBE raised key interest rates three times (by a total of five percent) to rein in inflation.

The central bank also set an index for Egypt’s currency that will be linked to a basket of gold and other currencies besides the US dollar.  

The bank's Monetary Policy Committee, which still has one more scheduled meeting this year on 22 December, will convene to reassess interest rates.

Search Keywords:
Short link: