August witnessed the highest Year-on-Year (YoY) inflation since January, reaching 11.4%, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported Wednesday. The agency indicated that price increases varied between different products and services.
Vegetable prices surged by 6% while grains, bread and dairy products prices increased by 0.6%. Hikes were also noted on the prices of hospital services, furniture and tourism flights, which jumped by 8.7%, 8.3% and 5.2%, respectively.
“Core Consumer Price Index (CPI) computed by the Central Bank of Egypt [CBE], increased by 0.60% month on month (m/m) in August compared to 1.79 percent m/m in July. The annual rate increased to 10.07% in August from 9.57 % in July,” the CBE said in an official statement.
On 1 September, the CBE amended the July inflation rate, reporting that Egypt’s annual urban consumer inflation registered 11.04%, compared to the previously announced 10.61%.
After the revision, the monthly CPI was said to register a monthly increase of 3.5%, instead of 3.11%. The figure brings the monthly core CPI calculated by the CBE to 1.79% instead of 1.59% and the annual rate to 9.57% instead of 9.35%.
Before taking office, President Abdel Fattah Al-Sisi promised to adopt certain mechanisms to control the rising prices of basic goods in the market. He stressed that the measures would not include imposing fixed prices.