Egypt's annual headline inflation dropped to 31.5 percent in April, down from 33.9 percent in March, recording the first monthly deceleration in 10 months, but a leap from 14.9 percent in April 2022, reported the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Wednesday.

     

    Monthly changes

    On a monthly basis, Egypt's consumer price index (CPI) inched up 1.8 percent in April, down from 3.2 percent in March and 7.1 percent in February.

    Prices of food and beverages in Egypt increased by 2.3 percent in April, after grain and bread prices soared by seven percent and fish prices surged by 7.3 percent. Poultry and meat prices edged up by 0.9 percent.

    Prices of housing, water, electricity, natural gas, and fuel inched up 0.6 percent, while transportation prices rose by 0.9 percent.

     

     

    Annual changes

    Prices of food and beverages surged by 53.8 percent in April on an annual basis, while prices of housing, water, electricity, natural gas, and fuel rose by 8.3 percent.

    Healthcare prices jumped by 17.6 percent, while transportation prices soared by 20.3 percent.

    Hotel and restaurant prices skyrocketed by 48 percent and alcoholic beverages and tobacco prices leaped by 18.4 percent. 

     

    National efforts

    Egypt is endeavouring to contain inflation, which took a surging trajectory since the eruption of the conflict between Russia and Ukraine and was exacerbated by other factors, including the devaluation of the Egyptian pound, global supply chain challenges, and the lingering ramifications of the Covid-19 pandemic.

    The Egyptian pound has nearly lost 100 percent of its value in a year and it is now trading at about EGP 31 against the USD.

    To rein in inflation, the Central Bank of Egypt (CBE) raised interest rates by around nine percent since March 2022.

    The CBE's Monetary Policy Committee is set to meet on 18 May to decide whether to maintain or change interest rates.

    Egypt has increased its budget deficit estimate to 6.9 percent of GDP for FY 2023/2024, which starts on 1 July, compared to an earlier estimate of 6.3 percent.

    Prime Minister Mostafa Madbouly said on Wednesday that the government will hold an international press conference in the near future to brief the media on the situation of the Egyptian economy.

     

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