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The Egyptian Cabinet declared recently that month-on-month inflation in urban areas dropped for the first time in six months in spite of the continuing repercussions of the Russia-Ukraine War.
The Egyptian Cabinet declared recently that month-on-month inflation in urban areas dropped for the first time in six months in spite of the continuing repercussions of the Russia-Ukraine War. The Cabinet has attributed the drop in inflation to not suspending under-progress mega national projects and taking measures aimed at expanding the share of the private sector in the economy.
The decline in the prices of fruits and vegetables is the main cause of the drop in June 2022. Negative inflation is at -0.1 percent. This has happened for the first time since December 2021. The rate in the previous months was 1.1 percent in May, 3.3 percent in April, 2.2 percent in March, 1.6 percent in February, and 0.9 percent in January. Month-on-month inflation was relatively high in July 2021 as it was 0.9 percent. Yet, it had fallen to 0.1 percent in the following month before steadily going up to 1.1 percent in September, and 1.5 percent in October. The decline happened shortly in November and December for inflation to become 0.1 percent and -0.1 percent, respectively.
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As for the year-on-year inflation in 2022, it spiked to 7.3 percent in January (4.3 percent in January 2021), 8.8 percent in February (4.1 percent in both February 2021), 10.5 percent in March 4.1 percent in March 2021), 13.1 percent in April (4.1 percent in April 2021), 13.5 percent in May (4.5% percent in May 2021), and 13.2 percent in June (5.4 percent in June 2021).
