Egypt’s Headline Inflation Increases

(2 Minutes Read)

This is primarily due to an unfavourable base effect, with some residual impact from energy price hikes in mid-April. The increase in a range of fuel products by up to almost 15% was in line with commitments sought by the International Monetary Fund.

According to a Reuters poll, Egypt’s annual headline inflation is forecast to have increased further in May. CAPMAS, the start agency, is expected to release the latest figures today (Wednesday), six days earlier than usual.

This is due to the three-day Muslim holiday, Eid al-Adha, which gets underway at sunset on Thursday. The median forecast of the 12 analysts suggests annual urban consumer inflation will have risen to 14.9% in May, up from 13.9% in April.

This is primarily due to an unfavourable base effect, with some residual impact from energy price hikes in mid-April. The increase in a range of fuel products by up to almost 15% was in line with commitments sought by the International Monetary Fund.

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Annual inflation has declined from a record high of 38% in September 2023, helped by a USD 8 billion financial support package signed with the IMF in March 2024.