07 Jul 2022

CAPMAS (The Center for Public Mobilization & Statistics) released inflation figures for June 2022, showing that headline (urban) inflation receded in June 2022 to 13.2%, down from 13.5% in May 2022. This was the first decline in inflation in the past seven months. On a monthly basis, inflation retreated 0.1% MoM in June 2022 versus an increase of 1.1% MoM in May 2022. The main driver behind the drop in monthly inflation was a decrease in the prices of the food and beverage category. Overall (nationwide) inflation also dropped to 14.7% in June 2022, compared to 15.3% in May 2022.

Also, the CBE (Central Bank of Egypt) released core inflation figures, which exclude volatile items such as food and energy. Core inflation rose to 14.6% in June 2022 versus 13.3% in May 2022. On a monthly basis, core inflation increased 1.2% MoM in June 2022, a decline from the 1.6% MoM registered in May 2022. (Sources: Reuters (English), al-Ahram (English) (Arabic), Zawya (English) (Arabic), Egypt Today (English), al-Maal, Amwal al-Ghad, al-Youm al-Saabe, Akhbar al-Youm, al-Masry al-Youm, Masrawy, Middle East News Agency, al-Sharq Business, CNBC Arabia, al-Arabiya, Sky News Arabia, al-Sharq al-Awsat, al-Ain)