Egypt's annual inflation records 10% during February, urban inflation surges to 8.8%

CAIRO – 10 March 2022: Egypt’s annual consumer price inflation recorded 10 percent in February 2022, compared to 4.9 percent in the same month of 2021, state-statistics body said Thursday.

 

 

In January, Egypt’s annual consumer price inflation recorded 8 percent.

 

 

As for urban inflation, it hiked to 8.8 percent in February, surging to its highest in nearly three years, up from 7.3 percent in February 2022. February's inflation figure was the highest since June 2019.

 

 

On a monthly basis, inflation recorded 121.4 points in February 2022,  recording a 2 percent increase compared to January 2022, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

 

 

 

CAPMAS attributed the increase in inflation to the increase in the prices of Vegetable group by 19.6 percent, meat and pourtly group by 6.1 percent, fruit group by 5.5 percent, cereal and bread group by 2.2 percent, mineral and carbonated water and natural juices group by 2.2 percent, and dairy, cheese and eggs group by 2 percent.

 

 

 

This is in addition to an increase in the group of fish and seafood by 1.7 percent, the group of oils and fats by 0.7 percent, the group of goods and services used in home maintenance by 0.7 percent, the group of outpatient services by 0.8 percent, and the group of hospital services by 0.6 percent.

 

 

 

The statement also referred to an increase in the group of products, devices and medical equipment by 0.1 percent, the group of spending on private transportation by 1.9 percent, the group of transportation services by 0.6 percent, the group of ready meals by 1 percent, and the group of personal care by 0.8 percent.

 

 

The Central Bank of Egypt aims to achieve an inflation rate of 7 percent (±2) percentage points on average during the fourth quarter of 2022.