File Photo: Economists warn against a wave of inflation in the near term. Al-Ahram
This increase follows a temporary drop in April to 31.5 percent.
The consumer price index (CPI) reached 174.1 points in May marking a 2.7 percent increase compared to April, as recorded by the CAPMAS.
CAPMAS attributed this rise to the increase in prices of grains and bread by 4.6 percent, meat and poultry by 2.1 percent and seafood by 9.8 percent, compared to April.
The prices of oils and fat also jumped by 5.9 percent over the same period.
Compared to the same month last year, the price of food and beverages in May increased by 58.9 percent. Prices of meat and poultry surged by 87.9 percent, while prices of dairy products, cheese, and eggs rose by 67.7 percent.
Meanwhile, prices of housing, water, electricity, natural gas and fuel rose by 6.4 percent.
Prices in Egypt continue to rise due to multiple global factors, including the lingering effects of the COVID-19 pandemic. The Ukraine war has caused massive inflation since February 2022, with the Egyptian pound losing approximately 100 percent of its value against the dollar.
The pound currently trades at approximately EGP 31 against the USD.