CAIRO – 10 August 2022: The annual core inflation rate recorded 15.6 percent in July 2022, compared to 14.6 percent in June 2022, the Central Bank of Egypt (CBE) said in a statement Wednesday.
The Consumer Price Index in Egypt has recorded a monthly rate of 1.5 percent in July, compared to 0.6 percent for the same month last year, and to 1.2 percent in June 2022, the statement added.
Core inflation discounts or strips out certain categories that are considered more volatile.
The Central Agency for Public Mobilization and Statistics (CAPMAS), stated, Wednesday, that Egypt's annual inflation rate rose to 14.6 percent in July 2022, compared to 6.1 percent in the same month of prior year.
The CAPMAS indicated that the annual inflation rate inched down compared to 14.7 percent in June 2022.
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.
On a monthly basis, inflation recorded 131 points in July 2022, recording a 0.9 percent decrease compared to June 2022, the CAPMAS said.
CAPMAS attributed the increase in inflation to the rise in the prices of cereals and bread group by 1 percent, the dairy, cheese and eggs group by 5.2 percent, the fruit group by 7.5 percent, and the smoke group by 3.3 percent.
Moreover, the medical products, devices and equipment group hiked by 1 percent, spending on private transportation rose by 9 percent, and the transportation services group by 6.4 percent.
This came despite the decrease in the prices of the vegetables group by 10.8 percent.
The Central Bank of Egypt (CBE) aims to achieve an inflation rate of 7 percent (±2) percentage points on average during the fourth quarter of 2022.