Data from the Egyptian Central Agency for Public Mobilization and Statistics in Egypt showed a rise in consumer price inflation in Egyptian cities to 13.1 percent on an annual basis in April, the highest level in nearly 3 years.
The acceleration of inflation increases pressure on the Central Bank to raise interest rates, as the bank's target inflation rate is between 5 percent and 9 percent, and inflation has exceeded expectations due to the significant rise in food prices in light of the devaluation of the pound and the Ukraine war.
The central bank allowed a devaluation of more than 14 percent on March 21, after keeping it unchanged for about a year and a half. The Packing and Statistics Authority attributed the increase in consumer prices to the increase in the group of vegetables by 32 percent, fruits by 11.9 percent, the meat and poultry group by 5.4 percent, and the group of cereals and bread by 3.6 percent. According to the Central Bank, core inflation, which excludes items whose prices fluctuate such as foodstuffs, rose to 11.9 percent on an annual basis in April, compared to 10.1 percent in March.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
