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Egyptian labourers work at a construction site of a new road as the pyramid of Khufu or

MONEY & BUSINESS: Egyptian headline inflation rises to 6.6% in September



FILE PHOTO: Egyptian labourers work at a construction site of a new road as the pyramid of Khufu or “Cheops” is seen in the back, in Giza, Egypt, November 9, 2020. REUTERS/Amr Abdallah Dalsh

October 10, 2021

DUBAI (Reuters) -Egypt’s annual urban consumer price inflation increased to 6.6% in September from 5.7% in August, data from the country’s statistics agency CAPMAS showed on Sunday.

The rate remains well within the target range of between 5% and 9% set by the central bank, which meets on Oct. 28 to decide interest rates.

“Monthly inflation is higher than we had anticipated. It’s mainly explained by the jump in vegetable and meat prices. The food index is up 3.5% month on month,” said Allen Sandeep of Naeem Brokerage.

The central bank held rates steady at its last meeting on Sept. 16, saying that global financial conditions continued to be “accommodative”.

Egypt’s fuel pricing committee also raised domestic prices in a quarterly review on Friday.

Core inflation, which strips out volatile items such as food, rose to 4.8% year on year in September, from 4.5% a month prior.

(Reporting by Nadine AwadallaEditing by Raissa Kasolowsky, David Goodman and Barbara Lewis)






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