Egypt Watch

Annual inflation rate in Egypt rises to 6.1% in July

The annual inflation rate in Egypt rose to 6.1 per cent in July, compared to 5.1 per cent in June, and 4.6 per cent in July of 2020.

The Central Agency for Public Mobilisation and Statistics added, on Tuesday, that the monthly inflation rate increased by one per cent in July compared to a 0.3 per cent in June. The Consumer Price Index in cities increased to 5.4 per cent in July compared to July 2020.

CAPMAS attributed the rise of the annual inflation rate to the rise of fuel, electricity, and household gas prices with an average of 8.9 per cent, the increase of food and drinks price at 5.4 per cent, transport at 7.8 per cent, milk products at 2.2 per cent, smoking products at 1.7 per cent, and education services at 29.7 per cent.

The Central Bank of Egypt held the interest rate without change for the ninth month in row. It aims to keep the inflation rate under seven per cent, which is the rate CBE defined as proper for the current conditions.