11 Oct 2021
In its most recent report, CAPMAS (The Center for Public Mobilization & Statistics) reported that annual urban inflation in Egypt in September 2021 climbed to 6.6% YoY, up from 5.7% in August 2021. The rate is still in the lower half of the CBE’s (Central Bank of Egypt) target range for inflation, which is 5-9%. Monthly inflation in September 2021 rose by 1.6% MoM from August 2021. One of the main drivers of the rise in inflation was food prices, especially vegetables and meat, as well as a small increase in gasoline prices. Education services prices also increased significantly.
Core inflation, which does not include volatile items such as food, increased in September 2021 to 4.8% YoY, up from 4.5% in August 2021. Meanwhile, nationwide inflation registered 8.0% YoY in September 2021, up from 6.4% in August 2021. Note that in its last meeting on 16 September 2021, the CBE had decided to keep interest rates unchanged.
(Source: Reuters (English), Mubasher (English) (Arabic), Zawya (English), Business Today Egypt (English), Daily News Egypt (English), Egypt Today (English), al-Arabiya (English) (Arabic), Arab News (English), al-Maal, Amwal al-Ghad, Hapi Journal, al-Borsa News, Economy Plus Me, al-Ahram, al-Masry al-Youm, al-Watan, Sada el-Balad, CNBC Arabia, al-Sharq Business, al-Sharq al-Awsat)