Month-on-month (MoM), the country’s consumer price index (CPI) recorded 143.60 points in December 2022, up by 2.10%
Inflation rates maintain their climb as the devaluation of the EGP continues and backlogs of imported goods remain at ports, reaching its highest annual core inflation rate since November 2017 and urban inflation rate since December 2017.
Egypt’s annual inflation rate surged by 21.9% during December 2022, up from November’s 19.2% and 6.5% in December 2021, revealed the latest data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
The annual urban inflation rate jumped to 21.3%, exceeding most analysts’ expectations, rising from November’s 18.7%.
Month-on-month (MoM), the country’s consumer price index (CPI) recorded 143.60 points in December 2022, up by 2.10%.
The monthly increase was driven by higher prices of food and beverages by 4%, the fruit group by 7.6%, dairy products and eggs by 6.4%, grains and bread by 5%, meat and poultry by 2.8%, fish and seafood by 3.1%, and vegetables by 2.3%.
In the past two weeks, the EGP saw a sharp depreciation, hitting it largest single-day fall since the CBE adopted its "durably flexible exchange rate regime” in late October. Today, the EGP stands at 27.7 against the USD.
