Egypt Inflation June 2022

Egypt

Egypt: Inflation declines to lowest level since March in June

July 7, 2022

Consumer prices fell 0.16% from the previous month in June, contrasting May's 1.03% increase. June's result marked the sharpest fall in prices since January 2021. The figure was primarily driven by dropping prices for food and non-alcoholic beverages.

Inflation halted its upward trend in June and surprised analysts on the downside, coming in at 13.1%, which was down from May’s 13.5%. While June's result marked the weakest inflation rate since March, it still was above the upper bound of the Central Bank’s 5.0–9.0% target band for a fourth consecutive month. Still, annual average inflation rose to 8.5% in June (May: 7.8%). Lastly, core inflation rose to 14.6% in June, from the previous month's 13.3%.

Our panelists see inflation averaging 13.5% in CY 2022, which is up 1.1 percentage points from last month’s forecast, and 9.4% in CY 2023.


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Egypt Inflation June 2022

Note: Year-on-year and month-on-month variation of urban consumer price index in %.
Source: Central Agency for Public Mobilization and Statistics (CAPMAS).


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