Egypt: Inflation rises to near three-year high in April
May 10, 2022
Consumer prices increased 3.26% over the previous month in April, picking up from March's 2.25% rise. April's uptick marked the highest reading since June 2018. The acceleration was broad-based, with greater price pressures recorded for food and non-alcoholic beverages, transportation, and medical care. The reading is partly reflective of the impact of the Holy month of Ramadan and the holidays on prices.
Inflation accelerated to 13.1% in April, up from March’s 10.5%, thus coming in above the upper bound of the Central Bank’s 5.09.0% target band for a second consecutive month. April's result represented the highest inflation rate since May 2019. Accordingly, the trend pointed up, with annual average inflation coming in at 7.1% in April (March: 6.3%). Finally, core inflation rose to 11.9% in April, from the previous month's 10.1%.