Data from the statistics agency CAPMAS indicated Tuesday that Egypt’s annual urban consumer price inflation increased to 38.0% in September, jumping from 37.4% in August and above expert estimates.
According to the central bank’s website, which has data from 2000, it was the fourth month in a row that records-breaking highs were reached. Annual urban consumer inflation was expected to increase to 37.6% in September, according to the median prediction of the 18 analysts surveyed this week.
Before inflation spiked in June, the previous peak was 32.95%, recorded in July 2017.
According to Allen Sandeep of Naeem Brokerage, the inflation rate also increased every month, climbing to 2.0% from 1.6% in August. Since June, they have increased at their quickest rate yet.
Food and beverage costs increased by 3.6% month over month, with prices for vegetables rising by 19.2%, fruits by 5.4%, dairy goods by 5.4%, and sugar items by 2.9%. Sandeep threw in.
The government said on Monday that it had agreed with private producers and merchants to reduce the price of staple goods by 15–25% and exempt them from customs charges for six months to combat food inflation.
Prices have risen quickly, and the currency’s value against the US dollar has decreased by almost half since March 2022 due to the fast expansion of the money supply over the past two years. Living standards have fallen for many Egyptians.
