Egypt's annual inflation rises to 15.3% in August, urban inflation reaches 14.6%

CAIRO - 8 September 2022: Egypt’s annual inflation rate rose to 15.3 percent in August 2022, compared to 6.4 percent in the same month of prior year, according to the Central Agency for Public Mobilization and Statistics (CAPMAS), Thursday.

 

In July, the annual inflation rate recorded 14.6 percent.

 

The annual urban inflation rate also hiked in August to 14.6 percent, compared to 13.6 percent in July, according to the state-statistic body’s data.

 

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.

 

CAPMAS attributed the increase in inflation to the rise in the prices of vegetables, grains, bread, smoke, goods and services used in home maintenance and transportation services, while the prices of fruits, meat and pourtly decreased.

 

It elaborated that the prices of the vegetables group increased by 12.5 percent, the cereals and bread group rose by 3.3 percent, the smoke group hiked by 1.6 percent, the goods and services used in home maintenance group climbed by 2 percent, the transportation services group surged by 2 percent, and the ready-made group by 1.2 percent.

 

This came despite the decrease in the prices of the fruits group by 8.3 percent, and the meat and pourtly group by 5 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.