Egypt: Annual inflation jumps up to multi-year high in May
June 10, 2015
In May, consumer prices increased 1.2% over the previous month, which was well above the 0.1% rise recorded in April. According to the Central Agency for Public Mobilization and Statistics, the increase was mainly driven by higher prices for food and non-alcoholic beverages, as well as for transport.
Annual inflation jumped from 11.0% in April to 13.1% in May, which marked the highest result in more than six years. Inflation has remained stubbornly-high since the government cut energy subsidies in October of last year. Annual average inflation inched up from 10.3% in April to 10.7% in May. Core consumer prices, which exclude volatile items such as fresh fruit and vegetables, rose 8.1% over the same month last year, which was up from the 7.2% increase seen in the previous month.
Author: Carl Kelly, Economist