Egypt's urban inflation reaches its highest rate in 5.5-years at 31.9%

CAIRO - 9 March 2023: Egypt’s annual urban inflation rate rose to the highest level in 5.5 years during February 2023.

 

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced Thursday that the annual urban inflation rate surged in February to 31.9 percent, compared to 25.8 percent in January.

 

According to the state-statistic body’s data, the annual inflation rate rose to 32.9 percent in February 2023, compared to 26.5 percent in January 2023, and 9 percent in February 2022.

 

Egypt is witnessing an inflationary wave that has been accelerating almost every month since the beginning of 2022, as a result of the high costs of importing energy and food, due to the Russian-Ukrainian crisis, and the Corona epidemic crisis.

 

On a monthly basis, inflation recorded 161.3 points in February 2023, recording a 7.1 percent increase compared to January 2022, the CAPMAS said.

 

CAPMAS attributed the increase in inflation to the rise in the prices of the cereals and bread group by 9.2 percent, the meat and pourtly group by 29.7 percent, the fish and seafood group by 19.5 percent, the dairy, cheese and eggs group by 11.1 percent, the oils and fats group by 4.3 percent.

 

In addition to the increase in the prices of the fruit group by 10.8 percent, the vegetables group by 5.3 percent, the group of coffee, tea and cocoa by 7.0 percent, the smoke group by 0.2 percent, the group of textiles by 2.9 percent, the group of shoes by 1.5 percent.

 

Furthermore, the actual rental group for housing increased by 1.1 percent, the group of household appliances by 6.2 percent, the group of medical products, devices and equipment by 1.0 percent, the group of hospital services by 3.7 percent, the group of purchasing vehicles by 2.9 percent, the group spending on private transportation by 1.4 percent, the group of newspapers Books and stationery by 2.3 percent, the group of organized tourist trips by 18.6 percent, the group of ready meals by 6.3 percent.