Cityscape in Egypt

Egypt Inflation August 2023

Egypt: Headline inflation overshoots market expectations to new all-time high in August

Inflation rose in August, coming in at 37.4%, up from July’s 36.4%. August’s reading, which surprised markets on the upside, marked yet another all-time high and was over four times the upper bound of the Central Bank of Egypt (CBE)’s 5.0–9.0% target band. Looking at the details of the release, the acceleration was driven by stronger increases in prices for food and non-alcoholic beverages, which rose by over 71% year on year. This more than offset prices for transport increasing at a softer pace.

Consequently, the trend pointed up, with annual average inflation coming in at 28.2% in August, up from the prior month’s 26.3%. Meanwhile, core inflation eased for the second consecutive month, slowing to 40.4% in August (July: 40.7%).

Finally, consumer prices increased by 1.58% in August over the previous month, which was below the 1.84% rise seen in July.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest