Egypt’s inflation numbers continue to rise, with urban inflation climbing to 13.5% in May 2022 on a month-on-month basis as consumer prices jump upwards for the 6th consecutive month.

April’s urban inflation numbers recorded a 13.1%, above the Central Bank of Egypt’s (CBE) target of 7%.

The Central Agency for Public Mobilization and Statistics (CAPMAS) also revealed on Thursday that annual consumer price inflation (CPI) hit 15.3% last month compared to 14.9% in April 2022, and 4.9% in May 2021.

CAPMAS attributed the rise in the annual inflation rate to the increase in the prices of the fish and seafood by 5.3%, the fruit by 2.3%, the cereals and bread by 10.9% and the dairy, cheese and eggs by 1.9%.

At the same time, CAPMAS noted the decrease in the prices of vegetables by 15.4% and meat and poultry by 0.4%.

The CBE raised key interest rates last month by 200 basis points (aka 2%) as Egypt continues to deal with the Russia/Ukraine conflict’s repercussions on the global economy.