Egypt’s annual urban consumer inflation rate in May accelerated to 32.7 percent from 30.6 percent in April, data from the country’s statistics agency CAPMAS showed on Saturday, higher than analysts had expected.
Month-on-month, urban inflation increased to 2.7 percent from 1.7 percent in April.
Inflation has risen sharply over the last year after a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting imports into the country.
The median forecast of 13 analysts polled had suggested consumer inflation would climb to 31.4 percent in May.
Egypt has devalued its currency by half since March 2022 after fallout from Russia’s invasion of Ukraine exposed its economic vulnerabilities.
The government secured a $3 billion financial support package from the International Monetary Fund (IMF) in December.