The statistics agency CAPMAS data showed that Egypt’s annual urban consumer price inflation rate jumped to a higher-than-expected record of 37.4% in August from 36.5% in July.
The headline inflation in July was 36.5 percent and in June 35.7%, both also all-time highs, according to Reuters.
The high prices and the three devaluations since 2022 have occurred after a high money supply growth.
Core inflation, which includes volatile items like food and fuel, slowed slightly to 40.4% from 40.7% in July and 41% in June, the Central Bank of Egypt said.
Month-on-month, prices increased 1.6% in August, down from 1.9% in July and 2.08% in June, CAPMAS said.”It is tentatively a sign that prices are consolidating at these levels,” said Allen Sandeep at Naeem Brokerage.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.