Egypt Watch

Annual inflation in Egypt hits 14.7% in June

On Thursday, the Central Agency for Public Mobilization and Statistics stated that the annual inflation rate during June was 14.7%, compared to 13.5% in May and 5.3% in June 2021.

Food prices rose in big jumps, led by cereals and bread by 45%, fish by 33%, and oils by 30%, while the average increase in meat, sugar, dairy products and other food prices was about 23%. Vegetable prices also increased by 12%. However, monthly, the inflation rate declined slightly to 129.8 points in June, compared to 130.2 points in May.

Prices of transportation and phone plans increased by 2.2%, while food prices decreased in general by 2.2%, due to a noticeable decrease in the prices of vegetables (by 18.8%) and fruits (by 10.5%). Beyond that, food prices increased by an average of 1.4%.

Professor of Agricultural Economics at the Desert Research Center, Sherif Fayyad, explained that the decline in the prices of vegetables and fruits at the monthly level is average, given the seasonal nature of these commodities. He added that when evaluating the prices of vegetables and fruits, the price movement on an annual level is the most indicative.