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Egypt inflation unexpectedly quickens to 26.2% in August

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Egypt inflation unexpectedly quickens to 26.2% in August

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Photo by Reuters

10th September 2024

By: Reuters

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Egypt's annual urban consumer price inflation rate unexpectedly accelerated to 26.2% in August from 25.7% in July, data from statistics agency CAPMAS showed on Tuesday.

Month-on-month, prices jumped by 2.1%, speeding up from a 0.4% rise in July. Food prices climbed by 1.8% in August after having eased by 0.3% in July and were 29.0% higher than a year ago.

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A poll of 19 analysts had expected August urban inflation to ease to a median of 25.1%.

Sara Saada of CI Capital was one of the few analysts who had predicted inflation would accelerate.

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"We expected this, as the August reading reflects energy price hikes that were announced in the last week of July. This included diesel, that has a broad-based effect," she said, speaking to Reuters after the figure was announced.

Prices rose over the last month due to higher summer produce prices, fuel hikes of 10-15% near the end of July, a 25-33% jump in metro tickets at the beginning of August and a 21-31% increase in electricity tariffs, partly in August.

Inflation had been declining gradually from September's record high of 38.0%, turning the central bank's real overnight borrowing rate, at 27.25%, positive in July for the first time since January 2022.

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