Egyptian inflation hits record high as gas prices rise

Egypt’s Central Agency for Public Mobilization and Statistics revealed rising inflation in the country after rising fuel prices to a record 13.6% in July on an annualized basis.

This percentage was up from 13.2% in June 2022, and inflation rose 1.3% in July from 0.1% in June on a monthly basis.

Last month, the Central Agency for Public Mobilization and Statistics revealed a decline in inflation to 13.2% in June on an annualized basis, compared with 13.5% in May, the first decline since November.

On a monthly basis, prices fell to 0.1% in June from 1.1% inflation in May.

Inflation figures exceeded the Central Bank of Egypt’s target of 7% (an increase of two percentage points or less) until the end of 2022.

The most important reasons for this decline, he called the decline in prices for a group of vegetables by -18.8%, a group of fruits by -10.5%.

Source: Cairo 24

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