Egypt Inflation May 2019

Egypt

Egypt: Inflation accelerates in May

June 10, 2019

Consumer prices rose 1.1% in May compared to the previous month, up from the 0.5% in April. The latest consumer price increase was driven by more expensive for food and beverages, and hotels, cafes and restaurants.

Inflation accelerated to 14.1% in May, up from 13.0% in April and further outside of the Central Bank’s Q4 CY 2020 target range of 9.0% plus or minus three percentage points. Meanwhile, core inflation decelerated to 7.8% in May from 8.1%, and annual average inflation ticked up to 14.3% from 14.1%.

Looking ahead, inflation could face further upward pressure from June as the government cuts fuel subsidies, although the appreciation of the Egyptian pound since January should somewhat counteract this effect.

FocusEconomics Consensus Forecast panelists expect inflation to average 12.3% in CY 2019, which is up 0.1 percentage points from last month’s forecast, and 10.3% in CY 2020.


Author:, Economist

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Egypt Inflation Chart


Egypt Inflation May 2019

Note: Year-on-year and month-on-month variation of urban consumer price index in %.
Source: Central Agency for Public Mobilization and Statistics (CAPMAS).


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