Egypt's annual headline inflation rate speeds up to 32.7% in May

Egypt's annual urban consumer inflation rate in May accelerated to 32.7% from 30.6% in April, data from the country's statistics agency CAPMAS showed on Saturday, approaching an all-time record and higher than analysts had expected.

Month-on-month, urban inflation increased to 2.7% from 1.7% in April.

Inflation has risen sharply over the last year after a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting imports into the country.

The annual figure is close to an all-time peak of 32.952% in July 2017.

The median forecast of 13 analysts polled had suggested consumer inflation would climb to 31.4% in May.

The higher-than-expected inflation was "driven largely by higher food prices. The food and beverage index jumped 4.7% month on month compared to 2.2% in April," said Allen Sandeep of Naeem Brokerage, who had forecast 31.5%.