Egypt’s annual inflation rate records 39.7% in August: CAPMAS

CAIRO - 10 September 2023: Egypt’s annual inflation rate hit a new record high in August reaching 39.7 percent increasing from 38.2 percent in July, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The CAPMAS report highlighted the annual change in food and beverage prices during August 2023 compared to August 2022 for 10 food commodities which recorded a combined increase of 71.9 percent.

The increase in the annual inflation can be attributed to the rise in prices of food and beverages like the cereals and bread group increasing by 48.6 percent, the prices of the meat and pourtly group increasing by 97.0 percent and an increase in the prices of the fish and seafood group by 85.9 percent and the prices of vegetables increasing by 98.4 percent.

Monthly headline urban CPI inflation, published by CAPMAS on September 10, 2023, recorded 1.6 percent in August 2023 compared to 0.9 percent in August 2022 and to 1.9 percent in July 2023. Accordingly, the annual headline inflation rate recorded 37.4 percent in August 2023, compared to 36.5 percent in July 2023.

Monthly core CPI inflation, computed by the Central Bank of Egypt, recorded 0.3 percent in August 2023 compared to 0.6 percent in the same month of the previous year and to 1.3 percent in July 2023. Accordingly, the annual core inflation rate recorded 40.4 percent in August 2023, compared to 40.7 percent in July 2023.