Egypt’s annual inflation rate rose to 21.9% in December 2022

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Cairo, Jan. 11 (IANS) Egypt’s annual headline inflation rose to 21.9 percent in December 2022, compared to 6.5 percent in the same month last year, the country’s official statistics office reported.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement that monthly inflation increased by 2.1 percent to 19.2 percent in November 2022, Xinhua news agency reported.

“The rise in commodity prices was behind the rise in monthly inflation,” CAPMAS said.

It said food prices rose 4 percent a year in the last month of 2022, with notable increases in subcategories such as fruits, dairy and grains.

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

The Egyptian pound was trading at 27.6 on Tuesday from 15.7 in March 2022, after being devalued 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 ​​due to rising inflation in the country’s major trading partners, particularly the European Union countries.

As the Egyptians spend 40 percent of their income on food, Mohamed said inflation will have a negative impact on people’s daily lives.

–IANS



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