This is lower than the previously forecasted 20 percent, with AfDB pointing to “high food and nonfood prices and the devaluation of the Egyptian pound"
On a monthly basis, inflation recorded 166.5 points in March 2023, recording a 3.2 percent increase compared to March 2023, according to the state-statistic body’s data.
According to the state-statistic body’s data, the annual inflation rate rose to 32.9 percent in February 2023, compared to 26.5 percent in January 2023, and 9 percent in February 2022.
According to the state-statistic body’s data, the annual inflation rate rose to 26.5 percent in January 2023, compared to 8 percent in the same month of prior year.
The right monetary and fiscal policies are the only way to safety
The CBE set an average rate of 5 percent (±2 percent) for the targeted inflation rates during the fourth quarter of 2026.
This is the highest level of inflation recorded in Egypt since December 2017, when it recorded 21.9 percent, a month after the Central Bank of Egypt, led by its former president Tarek Amer, liberalized the exchange rate of the pound in November 2017.
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.
The CBE has decided to set the overnight lending rate at 14.25 percent and the overnight deposit rate at 13.25 percent.
The Egyptian Economic Conference 2022 will kick off on Sunday to discuss the situation and future of Egypt’s economy amid consecutive economic crises across the world.
The annual urban consumer inflation in Egypt is at its highest of 15 percent in four years, according to Monday data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
On a monthly basis, inflation recorded 131.7 points in August 2022, recording a 0.5 percent increase compared to July 2022, the CAPMAS said.
The Egyptian government issued a decree, per which farmers shall deliver barley rice during the current season and until mid-December, to make it available for the public on the ration cards.
The annual urban inflation rate also hiked in July to 13.6 percent, compared to 13.2 percent in June, according to the state-statistic body’s data.
The Cabinet declared Monday that month-on-month inflation dropped for the first time in six months in spite of the continuing repercussions of the Russia-Ukraine War.
A decline in the inflation rate does not mean that prices have fallen, however, it does mean that prices have risen at a slower pace.
On a monthly basis, inflation recorded 130.2 points in May 2022, recording a 3.9 percent increase compared to April 2022, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.
This review shows indicators of Egypt’s economic growth rates before and after the Russian war on Ukraine.
The agency attributed the change in its outlook to the inflation in the food prices, saying that if the government could not mitigate such raises in prices, it would cause “social tensions,” despite the foreign financial support of the Gulf States Council (GCC) and the prospect of a new IMF program.
As for urban inflation, it surged in April to 13.1 percent, compared to 10.5 percent in March.