Inflation in Egypt is rising to the highest level in 4 years, driven by the rise in food prices

Central Agency for Public Mobilization and Statistics

Egypt - Agencies:

The Central Agency for Public Mobilization and Statistics said, in a statement Thursday, that the annual inflation rate in Egypt rose last October, to the highest level in 4 years, driven by the rise in food prices and the continuing pressures resulting from the Russian-Ukrainian crisis.

The statement said that the inflation rate in Egyptian cities accelerated to 16.2 percent, on an annual basis, compared to 15 percent in September.

The prices of food and beverages, which have the largest relative weight in the consumer price index, increased by 23.8 percent.

On a monthly basis, the inflation rate rose by 2.6 percent in October, compared to 1.6 percent in September.

Despite the rise in inflation in October, the data released today did not take into account the impact of the Egyptian pound’s drop by more than 15 percent against the dollar on October 27. Since then, the value of the pound has fallen to more than 24 Egyptian pounds to the dollar.