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Egypt’s Inflation Rate Rises to 18.7%, Highest in 5 Years: CAPMAS

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Egypt’s Inflation Rate Rises to 18.7%, Highest in 5 Years: CAPMAS

Photo credit: Daily News Egypt

Egypt’s annual urban consumer inflation rate jumped to a five-year high of 18.7 percent in November, as announced by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday, 8 December.

This inflation rate, which spiked from October’s 16.2 percent, marks the highest rate since December 2017, when inflation reached 21.9 percent.

According to a Reuters poll, 14 economists had predicted an inflation of 18.75 percent, as a result of the currency devaluation in October, and continued restrictions on imports.

Consumer inflation is defined as the price increase of services and goods over a period of time.

The quick month-on-month inflation, since the start of the Russia-Ukraine war, has underlined the negative implications of the war on the Arab world’s most populous nation.

With surging food prices, and increases in costs of almost all daily essentials, Egyptians are struggling to cope with the country’s current economic strife.

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A journalism graduate from the American University in Dubai who is curious, spontaneous, and often rebellious, Marina is a passionate Cairo-based journalist who aspires to become one of the most influential women in the Middle East. She likes to follow her heart and express that through words; her favorite form of expression.

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