Egypt Inflation April 2022

Egypt

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%.

Our panelists see inflation averaging 10.7% in CY 2022, which is up 1.8 percentage points from last month’s forecast, and 8.9% in CY 2023.


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Egypt Inflation April 2022

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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