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

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.

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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.

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