Egypt Inflation Rate Up to 23-Month High in June

In Egypt, annual headline inflation rate increased to 9.75 percent in June, the highest rate since July of 2011, driven by higher food prices.

On a year-over-year basis, the highest increases were recorded for prices of restaurants, hotels and cafes (up by 21.66 percent, after rising 20 percent in May), food and beverages (+ 12.69 percent, from 8.9 percent recorded in May), health (+12.5 percent) and education (11.4 percent).

On a month-over-month basis, prices increased 0.88 percent in June compared to a 0.16 percent decline in May. Prices of fresh vegetables rose 5.98 percent; fruits inched up by 0.95 percent; poultry prices increased by 2.20 percent; cost of of fish and seafood grew 3.18 percent and the price of rice increased by 2.60 percent. After rising by 9.27 percent in April, the price of butane gas cylinders declined by 14.97 percent in June.

Core CPI which excludes subsidized goods and volatile items such as food and vegetables increased to 0.77 percent in June after remaining broadly unchanged in May. The annual rate rose to 8.56 percent in June from 8.04 percent in May. Prices of other services and retail items increased slightly while prices of paid services remained unchanged.

Egypt Inflation Rate Up to 23-Month High in June

Central Bank of Egypt | Joana Taborda |
7/15/2013 10:48:29 AM