Egypt's annual headline inflation increased to 21.9% in December 2022

The increase in prices of basic commodities was behind the rise in the monthly inflation rate: CAPMAS said

Photo: Wikipedia
Photo: Wikipedia
IANS Cairo
2 min read Last Updated : Jan 11 2023 | 12:09 PM IST

Egypt's annual headline inflation rose to 21.9 per cent in December 2022, up from 6.5 per cent in the same month the previous year, the country's official statistics agency reported.

The Central Agency for Public Mobilisation and Statistics (CAPMAS) said in a statement that the monthly inflation rose by 2.1 pe rcent, hitting 19.2 per cent in November 2022, reports Xinhua news agency.

"The increase in prices of basic commodities was behind the rise in the monthly inflation rate," CAPMAS said.

It said the prices of food rose by 4 per cent annually in the last month of 2022, with outstanding increases in sub-categories such as fruits, dairy products and grains.

According to Rashad Mohamed, an economic expert at Cairo University, the rise of inflation in December was expected due to the devaluation of the local currency and is predicted to further increase in January.

The Egyptian pound on Tuesday recorded 27.6 against the US dollar compared to 15.7 in March 2022 after it had been devaluated more than once by the Central Bank of Egypt.

He also attributed the rise in monthly inflation to external factors such as an increase in import values caused by growing inflation in the country's major trading partners, particularly the European Union countries.

Given the Egyptians spend 40 per cent of their income on food commodities, Mohamed said the inflation will negatively impact people's daily life.

--IANS

ksk/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Inflation riseEgyptInflation data

First Published: Jan 11 2023 | 12:09 PM IST

Next Story