Egypt’s annual inflation rate was recorded at 16.3% in October 2022, compared to September’s inflation rate climb of 15.3%, revealed the latest inflation data by the Central Agency for Public Mobilization and Statistics (CAPMAS).

Urban inflation has now accelerated to a four-year high with a climb of 16.2%, after climbing 15% in September 2022. The consumer price index (CPI) recorded 137.20 points, up by 2.5% when compared to September.

Food and beverage prices – which make up a large bulk of inflation - jumped by 23.8% in October.

CAPMAS also attributed the rise to increased prices of vegetables which was up by 7.6%, dairy products and eggs by 5.7%, meat and poultry by 3.4%, grains and bread by 1.6%, and ready-made garments by 2%.

The statistics agency also pointed towards prices of outpatient services which climbed by 2.8%, as well as newspapers, books, and stationery by 30.5%.

Two weeks ago, the Central Bank of Egypt’s Monetary Policy Committee (MPC) raised key interest rates by 2% (200 bps), citing rising global and domestic prices.

During the recent Egypt Economic Conference, Prime Minister Madbouly explained that Egypt prioritizes curbing inflation over the EGP/USD exchange rate, which has been fluctuating since the CBE announced the move to a durably flexible exchange rate regime.