Cityscape in Egypt

Egypt Inflation September 2023

Egypt: Inflation comes in at fresh all-time high in September

Inflation increased to 37.9% in September, following August’s 37.4%. September’s figure once again beat market expectations and was yet another all-time high. The reading was over four times the upper bound of the Central Bank of Egypt’s 5.0-9.0% target band. Looking at the details of the release, the acceleration was largely driven by a stronger increase in price for food and non-alcoholic beverages, which rose a staggering 73.6% year on year. This more than offset prices for transport rising at a more moderate pace.

Consequently, the trend pointed up, with annual average inflation coming in at 30.1% in September (August: 28.2%). Meanwhile, core inflation moderated for a third consecutive month in September, falling to 39.7%, down from August’s 40.4%.

Lastly, consumer prices rose 1.95% from the previous month in September, picking up from August’s 1.58% increase.

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