Egypt: Inflation rises to over five-year high in January
Inflation rose to 25.9% in January from December’s 21.3%. January’s result was the highest inflation rate since November 2017. The rise was primarily due to increasing price pressures for food and non-alcoholic beverages. In addition, price pressures for transportation increased at a faster rate.
Annual average inflation rose to 15.5% in January (December: 13.9%). Meanwhile, core inflation rose to 31.2% in January, from the previous month’s 24.5%.
Finally, consumer prices increased 4.64% in January over the previous month, accelerating from December’s 2.08% rise. January’s result marked the highest reading since November 2016.
Our panelists see inflation averaging 17.1% in CY 2023, which is up 1.9 percentage points from last month’s forecast, and 9.8% in CY 2024.