Inflation hit a four-year high last month. Egypt’s annual inflation rate has jumped to 15.3% in August 2022
Inflation hit a four-year high last month. Egypt’s annual inflation rate has jumped to 15.3% in August 2022, up from 14.6% in July and 6.4% in August 2021, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The annual urban inflation rate also hiked in August to 14.6%, compared to 13.6% in July, according to CAPMAS.
The core consumer price index (CPI) grew by 0.5% in August 2022, recording 131.70 points.
CAPMAS attributed the climb in inflation to increases in in the prices of vegetables, grains, smoky bread, goods and services used in home maintenance and transportation services.
The statistics agency explained that the prices of vegetables jumped by 12.5%, cereals and bread by 3.3%, and tobacco by 1.6%. Ready-made clothing and footwear saw its prices go up by 11.1%, followed by transportation prices by 16.5%.
Some commodities that saw their prices fall were fruits which dropped by 8.3%, meat and poultry by 5%, and seafood by 1%.
The Central Bank of Egypt (CBE) aims to achieve an inflation rate of 7 percent (±2) percentage points on average during the fourth quarter of 2022.
