Egypt’s core annual inflation rate rises in October; CBE

Egypt's core annual inflation rose to 19% in October from 18% the month prior, data from the Central Bank of Egypt showed on Thursday.

Month-on-month (MoM), the country’s consumer price index (CPI) recorded 137.20 points in October 2020, up by 2.6% when compared to September 2022.

The rise was driven by higher prices of vegetables by 7.60%, dairy products and eggs by 5.70%, meat and poultry by 3.40%, grains and bread by 1.60%, and ready-made garments by 2%.

However, Egypt's annual urban consumer inflation accelerated faster than expected in October, climbing to a four-year high of 16.2%.

Year-on-year inflation increased to its highest since October 2018, when it hit 17.68%, from 15.0% in September.

In September 2022, Egypt's annual inflation rate increased to 15.30%, compared to 8% in the same month in 2021.

When compared to July 2022, the country's core CPI grew by 0.5% in August, recording 131.70 points.