The data of the Central Agency for Public Mobilization and Statistics showed today, Saturday, the annual inflation rate for consumer prices in Egyptian cities increased to 13.9% in April from 13.6% in the previous March, which is in line with the expectations of analysts that Reuters pollected their opinions.
- Prices rose 1.5% at the end of April on a monthly basis compared to the end of last March.
- Food and beverage prices slowed 1.5 % on a monthly basis.
- On an annual basis, the prices of food and drinks increased 6%.
The inflation witnessed a sharp increase after the Russian -Ukrainian war at the beginning of 2022, prompting foreign investors to withdraw billions of dollars from the Egyptian treasury.
Inflation in Egyptian cities increased by a record rate of 38% in September 2023.
The data of the Central Bank of Egypt showed that the monetary supply (N2) increased during the year until the end of last March, but at a slower rate as it decreased to 25.8% of its highest levels ever at 33.9% at the end of last February.
In March of last year, Egypt decided to liberalize the exchange rate and raised interest rates by about 600 basis points, and signed a $ 8 billion financial support package with the International Monetary Fund, which contributed to controlling its financial situation.
