– Egypt’s annual urban consumer price inflation unexpectedly rose to 26.2% in August, up from 25.7% in July, according to CAPMAS data.
– Month-on-month, prices increased by 2.1%, with food prices climbing 1.8%, marking a 29.0% year-on-year rise in August.
– A poll of 19 analysts had anticipated a decline in inflation to a median of 25.1%, but inflation remained higher than expected.
Egypt’s annual urban consumer price inflation rate unexpectedly rose to 26.2% in August, up from 25.7% in July, according to data from the statistics agency CAPMAS.
Month-on-month, prices increased by 2.1%, accelerating from a 0.4% rise in July. Food prices rose by 1.8% in August, after having eased by 0.3% in July, and were 29.0% higher compared to a year earlier, as reported by Reuters.
A poll of 19 analysts had predicted that August urban inflation would drop to a median of 25.1%.
Inflation had been gradually declining from its peak of 38.0% in September, which led to the central bank’s real overnight borrowing rate, set at 27.25%, becoming positive in July for the first time since January 2022.
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