Inflation in Egypt at an all-time high

The Central Bank of Egypt announced that the annual core inflation rate in June 2022 was 14.6%, compared to 13.3% in May 2022.

He explained that the core consumer price index recorded a monthly rate of 1.2% in June 2022 compared to 0.1% in the same month of the previous year and a monthly rate of 1.6% in May 2022.

The overall urban consumer price index, which was released by the Central Agency for Population Mobilization and Statistics on July 7, 2022, recorded a monthly rate of minus 0.1% in June 2022, compared to 0.2% in the same month last year. in the previous year and a monthly rate of 1.1% in May 2022, bringing the annual headline inflation rate to 13.2% in June 2022, compared to 13.5% in May 2022.

The Central Agency for Public Mobilization and Statistics said inflation eased to 13.2% year-on-year in June from 13.5% in May, the first decline since November.

On a monthly basis, prices fell to 0.1% in June from 1.1% inflation in May.

Inflation figures exceeded the Central Bank of Egypt’s target of 7% (an increase of two percentage points or less) until the end of 2022.

The most important reasons for this decline, he called the decline in prices for a group of vegetables by -18.8%, a group of fruits by -10.5%.

Source: Cairo 24