Egypt's annual inflation eases for 1st time in 10 months

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.