Egypt’s annual core inflation accelerated to 14.7% in July 2026, up from 14.3% in June, according to the Central Bank of Egypt (CBE).

The CBE’s core consumer price index recorded no monthly change in July, compared with a decline of 0.3% in July 2025 and an increase of 0.3% in June 2026.

Meanwhile, the monthly urban consumer price index, published by the Central Agency for Public Mobilization and Statistics, remained unchanged in July 2026. This compares with declines of 0.5% in July 2025 and 0.4% in June 2026.

On an annual basis, urban headline inflation rose to 14.9% in July, from 14.3% in June.

The CBE’s Monetary Policy Committee had forecast on July 9 that annual headline inflation would accelerate through the third quarter of 2026, although at a slower pace than projected in May. It attributed the revised outlook to favourable foreign exchange market developments and a broad easing of inflationary pressures, which are expected to help contain unfavourable base effects during the quarter.

Following its decision to keep interest rates unchanged for a third consecutive meeting, the committee said inflation is expected to follow a gradual downward trajectory, reaching single-digit levels and approaching the CBE’s target of 7% ± 2% during the second half of 2027.