Monthly urban inflation hikes to 38%, with annual inflation rate witnessing slight decline



Tue, 10 Oct 2023 - 12:08 GMT


Tue, 10 Oct 2023 - 12:08 GMT

Cairo – 10 October 2023: Egypt’s annual urban consumer price inflation jumped to a record 38 percent in September, up from the previously reported 37.8 percent in August, according to the latest data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) earlier today.

This marks the fourth consecutive month in which urban inflation has risen to record-breaking numbers, driven by the foreign currency shortage and fuel price hikes.

Egypt’s annual inflation rate declined to 38 percent in September, from August’s recorded 39.7 percent, CAPMAS revealed.

Inflation numbers were driven by a 73.6 percent year-on-year increase in the food and beverage sector last September, pushed by an 80.2 percent increase in seafood prices and a 92.8 percent increase in meat and poultry prices.

CAPMAS data reported that Egypt’s culture and entertainment sector also witnessed an annual increase of 34.1 percent, while the furniture and home appliances sector recorded a price increase of 38.1 percent year-on-year.

Inflation data was released less than 24 hours after Prime Minister Mostafa Madbouly’s announcement of the government’s new initiative to reduce the prices of essential goods.

According to the PM during a press conference yesterday, the government reached an agreement with private producers and retailers to cut prices on staple foods by 15-25 percent, exempting them from customs duties for the coming six months.

Madbouly revealed that the initiative would support commodities including beans, lentils, dairy products, white cheese, pasta, sugar, cooking oil, and rice.



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