Egypt’s annual urban inflation falls to 13.9 per cent
Egypt’s annual urban inflation eased to 13.9 per cent in September from 14.5 per cent in August. Prices in cities still rose over the month, with the monthly increase accelerating to 1.3 per cent. Vegetables became markedly more expensive. The nationwide annual rate moved up to 12.8 per cent, reflecting a separate measure with wider geographical coverage.
Economics & Markets··Night
Annual urban inflation eases in September
Egypt’s annual urban consumer inflation fell to 13.9 per cent in September from 14.5 per cent in August. The national statistics agency, CAPMAS, released the figures on 10 October. The nationwide annual rate moved in the other direction, rising from 12.7 per cent to 12.8 per cent. That series covers a wider geographical area than the urban index.[1], [2]
Urban prices rose 1.3 per cent from August, after a monthly increase of 0.1 per cent in August. The annual slowdown therefore accompanied a faster rise in prices over the latest month.[1]
Vegetable prices climb 15.1 per cent in a month
Vegetable prices increased 15.1 per cent over the month. Fruit rose 2.6 per cent, meat and poultry 2.5 per cent, and fish and seafood 1.2 per cent. Bread and cereals, as well as dairy products and eggs, increased 0.4 per cent. Outside food, clothing prices rose 0.6 per cent and footwear 1.2 per cent. These changes compare September with the preceding month.[1]
The central bank kept rates unchanged in September
The Central Bank of Egypt kept its overnight deposit rate at 19 per cent and lending rate at 20 per cent on 24 September. Its main operation and discount rates remained at 19.5 per cent. The bank identified energy prices, regional conflicts, fiscal measures and food prices as possible sources of upward inflation pressure.[1]
