The Central Bank revealed that core inflation in Egypt reached 19% on an annual basis in October 2022, from 18% in September 2021.
According to the CBE, the basic consumer price index recorded a monthly rate of 3% in October 2022, compared to a monthly rate of 2.1% in October 2021, and a monthly rate of 1.6% in September 2022.
Data from the Central Agency for Public Mobilization and Statistics showed that annual inflation in Egyptian cities rose to 16.2% in October on an annual basis, compared to 7.3% for the same month last year.
According to the data, the general consumer price index for the whole of the Republic increased by 137.2 points for the month of October 2022, recording an increase of 2.5% over the previous September.
"Fitch" credit rating agency had revised its future outlook on the Egyptian economy from "stable" to "negative", due to the "deterioration" of the country's external liquidity position.
The agency kept the country's credit rating at (B+) and attributed this to strong economic growth and "strong international support" from Gulf allies and international companies.
Source (Al-Arabiya.net Website, Edited)
