Consumer inflation hits highest record of 15% in 4 years: CAPMAS

CAIRO - 10 October 2022: The annual urban consumer inflation in Egypt is at its highest of 15 percent in four years, exceeding the target of the Central Bank, according to Monday data from the Central Agency for Public Mobilization and Statistics (CAPMAS).

The annual urban inflation rate rose to 15 percent in September compared to 14.6 percent in August, while it recorded 15.7 percent in November 2018. It was only at 6.4 percent in August 2021.

Meanwhile, the overall annual inflation rate remained at 15.3 percent in September 2022, which is the same rate recorded in August.

According to a Central Bank statement, the yearly core inflation rate jumped to 18 percent in September compared to 16.7 in August. It predicts that inflation would decline in the first quarter of 2023. 

The Central Bank's Monetary Policy Committee (MPC) is due to hold a meeting early in November. On Sept. 22, it decided to keep interest rates unchanged for the third consecutive meeting despite the global trend to raise the rates. 

The overnight deposit rate, overnight lending rate, and the rate of the main operation were kept on hold at 11.25 percent, 12.25 percent, and 11.75 percent, respectively.  The discount rate was also kept unchanged at 11.75 percent.