Egypt: Inflation comes in at highest level since May 2019 in July
August 10, 2022
Consumer prices increased 1.33% in July over the previous month, swinging from June's 0.16% fall. Looking at the details of the release, the rebound in price pressures was largely driven by rising prices for food and non-alcoholic beverages. In addition, price pressures for transportation increased at a faster rate.
Inflation resumed its upward trend in July and came in at 13.6%, up from June’s 13.1%, moving further above the upper bound of the Central Bank’s 5.0–9.0% target band—where it has been for the past five months. July's figure was the highest inflation rate since May 2019. Consequently, the trend pointed up, with annual average inflation coming in at 9.2% in July (June: 8.5%). Lastly, core inflation rose to 15.6% in July, from June’s 14.6%.