The modest rise in prices was largely attributed to higher costs of vegetables (3.8 percent); dairy products, cheese, and eggs (0.8 percent); tobacco (one percent); household appliances (1.4 percent); and several other goods and services, including textiles, rent, and hotel services.
However, the increase was tempered by notable price drops in meat and poultry (1.3 percent); fish and seafood (0.5 percent); fruits (0.5 percent); sugar and sugary foods (0.4 percent); transportation services (0.8 percent); and organized tourism trips (9.2 percent).
Despite the monthly rise, Egypt’s annual inflation rate slowed to 11.2 percent in August, down from 13.1 percent in July, reflecting easing price pressures across several food and service categories.
CAPMAS attributed this decline to the price hikes of some categories, including food and beverages (by 1.3 percent); alcoholic beverages and tobacco (by 24.6 percent); and clothing and footwear (by 14.4 percent), in addition to notable hikes in textiles (by 12 percent) and footwear (by 11.6 percent).
The housing, water, electricity, gas, and fuel segment saw a 20.1 percent increase.
Healthcare prices recorded the steepest gains, surging 34.2 percent amid soaring medical product costs (46.3 percent) and higher hospital fees (21.1 percent).
Transport costs also increased 21.4 percent, reflecting higher vehicle prices and private transport spending.
Other sectors posted double-digit increases, including communications (11.1 percent), culture and recreation (15.2 percent), education (10 percent), and restaurants and hotels (14.5 percent).
Egypt has been experiencing a notable improvement in its macroeconomic indices since the application of the corrective measures by the Central Bank of Egypt (CBE) in March 2024.
The government launched this week a new economic development narrative that charts a path for the Egyptian economy over the coming five years.
A mission of the International Monetary Fund (IMF) is expected to arrive in Cairo later this month to finalize the fifth and sixth reviews of the $8 billion loan programme. It will also discuss the first review of the newly approved $1.3 billion Resilience and Sustainability Facility (RSF) loan deal.
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