Food market- Photo courtesy of IFAD Facebook page
CAIRO - 10 November 2022: Egypt’s annual inflation rate rose to the highest level in 4 years during October 2022, driven by the rise in food prices and the continued pressures resulting from the Russian-Ukrainian crisis.
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced Thursday that the annual inflation rate rose to 16.3 percent in October 2022, compared to 7.3 percent in the same month of prior year.
The annual urban inflation rate also hiked in October to 16.2 percent, compared to 15 percent in September, according to the state-statistic body’s data.
On a monthly basis, inflation recorded 137.2 points in October 2022, recording a 2.5 percent increase compared to September 2022, the CAPMAS said.
CAPMAS attributed the increase in inflation to the rise in the prices of the vegetables group by 7.6 percent, the dairy, cheese and eggs group by 5.7 percent, the meat and pourtly group by 3.4 percent, the cereals and bread group by 1.6 percent, and the ready-made clothes group by 2.0 percent.
Furthermore, the goods and services used in the home maintenance group hiked by 1.9 percent, the group of outpatient services increased by 2.8 percent, the group of newspapers, books and stationery rose by 30.5 percent, and the higher education group climbed by 15.1 percent.
The Central Bank of Egypt (CBE) stated earlier that the inflation is higher than the expected average rate of 7 percent (±2 percentage points) in the fourth quarter of 2022. The CBE said that the new inflation rate targets will be announced soon.