Egypt’s Central Agency for Public Mobilization and Statistics said inflation rose to its highest level since November 2018 on an annualized basis, while on a monthly basis it declined.
Inflation in Egyptian cities rose to 14.6% year-on-year in August from 13.6% in July, according to the Central Agency for Public Mobilization and Statistics.
On a monthly basis, the data showed a 0.9% decline in inflation in August from 1.3% in July, the Central Agency for Public Mobilization and Statistics said in a statement.
The government attributed last month’s rise in inflation to rising transport prices: Last July, the Egyptian government raised the price of diesel by about 50 piastres, to £7.25 per litre, for the first time since July 2019.
The Central Agency for Public Mobilization and Statistics reported that Egypt’s monthly inflation rate increased by 0.5% during August last year.
He explained that this increase is due to the growth in prices for vegetables during the month of August by 12.5%, and prices for cereals and bread by 3.3%.
Source: El Iktisad
