News

Egypt’s Consumer Inflation Hits 15%, Highest in 4 Years

mm
Egypt’s Consumer Inflation Hits 15%, Highest in 4 Years

Image Credit: Albayan

Egypt’s annual urban consumer inflation has spiked to 15 percent, its highest in four years, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS) on 10 October 2022.

Consumer inflation is a term that signifies the measured price increase of goods and services over a studied period of time.

Egypt’s consumer inflation rate has become increasingly tangible over the past months. With the government’s recent restrictions on imports, limiting resources and commodities, consumer prices have soared – from fast food to fuel.

The percentage exceeds the Central Bank of Egypt’s (CBE) initial prediction, as have other inflation rates.

The country’s annual urban inflation rate increased to 15 percent in September, which was 14.6 percent in August. A year prior, in August 2021, the number was at 6.4 percent.

The overall annual inflation rate, on the other hand, remains the same between August and September – both at 15.3 percent.

The yearly core inflation rate, which measures rising prices in goods and services excluding food and energy, leaped to 18 percent in September. In August, that number was at 16.7 percent.

The CBE, however, predicts that the percentage will begin declining during the first quarter of 2023. Yet Egyptians continue to brace themselves for further economic impacts, as a lifeline loan agreement with the International Monetary Fund (IMF) is yet to arrive.

After maintaining interest rates in September 2022, Egyptians tensely await the CBE’s next Monetary Policy Committee next meeting early in November.

Subscribe to the Egyptian Streets’ weekly newsletter! Catch up on the latest news, arts & culture headlines, exclusive features and more stories that matter, delivered straight to your inbox by clicking here.

Egypt’s Long Journey to Accepting Organ Transplants
These Egyptian Films Helped Change the Law

Subscribe to our newsletter


News
mm

With a deep interest in politics and society, Shereif is a journalist that chronicles Egypt’s ever-changing political climate – aided by his bachelor’s in Political Science. On the side, Shereif works as a communications associate for a local consultancy firm. When he’s not working, you can find him playing chess, supporting Chelsea, or walking his dog.

More in News

Egyptian University Student Develops ‘Egypt Metro’ App for Seamless Navigation

Farah Rafik23 September 2023

Bridging Egyptian Artists and the World: ‘Forever is Now’ Exhibition Returns at the Pyramids

Egyptian Streets22 September 2023

Egyptian Minister of Environment to Co-Chair COP28 Negotiations on Climate Finance

Muhammed Kotb21 September 2023

Sunken Sanctuary of Aphrodite and Temple of Amun Discovered in Egypt

Shereif Barakat20 September 2023

Egypt’s New Capital Plans to Sell 10% of its Shares

Egyptian Streets19 September 2023

El Gouna Film Festival Shares Details for Sixth Edition

Heidi Aref19 September 2023

9 Egyptian Military Personnel Killed, Injured in Truck Accident

Marina Makary19 September 2023

Heliopolis Synagogue Holds Cairo’s First Jewish New Year Celebration in 70 Years

Farah Rafik16 September 2023