The data released by the Egyptian Central Agency for Public Mobilization and Statistics showed that annual consumer price inflation in Egyptian cities rose to 6.6 percent in September, from 5.7 percent in August.
The monthly inflation came in higher than expectations, mainly due to the jump in the prices of vegetables and meat and the 3.5 percent increase in the food price index on a monthly basis.
The central bank kept key interest rates unchanged at its last meeting on September 16, stating that the global financial conditions remained favorable. The Petroleum Products Automatic Pricing Committee also raised domestic fuel prices in a quarterly price review.
According to the Central Bank, core inflation also rose to 4.8 percent on an annual basis last September, from 4.5 percent in August. Whereas the core inflation rate does not include highly volatile prices such as food prices.
Source (ASharq Al Awsat Newspaper, Edited)
