(3 minutes read)
The annual core inflation rate in Egypt recorded 19 percent in October 2022, as against 18 percent in September 2022, according to the Central Bank of Egypt (CBE)
The annual core inflation rate in Egypt recorded 19 percent in October 2022, as against 18 percent in September 2022, according to the Central Bank of Egypt (CBE).
The Consumer Price Index in Egypt recorded a monthly rate of 3 percent in October, compared to 2.1 percent for the same month last year, and to 1.6 percent in September 2022, the statement added. Core inflation does not take into account certain categories of goods and services that are more volatile.
The Central Agency for Public Mobilization and Statistics (CAPMAS) earlier revealed that the annual inflation rate rose to 16.3 percent in October 2022, compared to 7.3 percent in the same month of the previous year. The annual urban inflation rate also hiked in October to 16.2 percent, compared to 15 percent in September.
On a monthly basis, inflation recorded 137.2 points in October 2022, recording a 2.5 percent increase compared to September 2022. The increase in inflation was attributed to the rise in the prices of the vegetable group by 7.6 percent, the dairy, cheese, and eggs group by 5.7 percent, the meat and poultry group by 3.4 percent, the cereals and bread group by 1.6 percent, and the ready-made clothes group by 2.0 percent.
Read Also:
https://trendsnafrica.com/egypt-keeps-interest-rate-unchanged-despite-spiraling-inflation/
The CBE stated earlier that the inflation was higher than the expected average rate of 7 percent (±2 percentage points) in the fourth quarter of 2022, adding that the new inflation rate targets will be announced soon.
