Egypt Inflation Rate Inches Up to 8.2% in May

In Egypt, annual headline inflation rate edged up to 8.20 percent in May from 8.11 percent in April, driven by unfavorable base effects from the previous year.

On a year-over-year basis, the highest increases were recorded for prices of restaurants, hotels and cafes (+ 20 percent),  health  (+12.5 percent), education (11.4 percent) and food and beverages (8.9 percent).

On a month-over-month basis, the inflation declined by 0.16 percent for the first time this year, compared to a 1.47 percent increase in April, as a drop in prices of poultry, vegetables, fish and seafood partly offset the increase in prices of other food items.

Prices for food and beverages dropped by 0.16 percent and miscellaneous goods and services by 0.32 percent. Cost of polutry declined by 4.63 percent,  fresh vegetables by 2.08 percent, fish and seafood by 2.08 percent. Prices of several food items increased including eggs, edible oils, cheese, butter and milk.

Core CPI which excludes subsidized goods and volatile items such as food and vegetables, remained broadly unchanged in May compared to April, thus contrasting with the average monthly pace of 1.41 percent recorded in the first four months of 2013. The annual rate inched up to 8.04 percent in May from 7.47 percent in April.

Egypt Inflation Rate Inches Up to 8.2% in May

Central Bank of Egypt | Joana Taborda |
6/14/2013 11:09:06 AM