Egypt inflation jumps to five-year high of 18.7 pct in November: Latest data

Published: Updated:
Enable Read mode
100% Font Size

Egypt’s annual urban consumer inflation rate surged to a five-year high of 18.7 percent in November, closely matching analyst expectations, data from the statistics agency CAPMAS showed on Thursday.

The inflation figure, up from 16.2 percent in October, was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency devaluation in October and continued restrictions on imports.

For the latest headlines, follow our Google News channel online or via the app.

The median forecast in a Reuters poll of 14 economists had expected inflation of 18.75 percent. Six economists also forecast that core inflation, due out later on Thursday, would come in at a median 21.6 percent.

The increase reflected a continued jump in month-on-month inflation, with prices rising 2.3 percent compared to 2.6 percent in October, Naeem Brokerage said in a note.

The monthly increase was “as driven by higher production costs, amid a weakening Egyptian Pound, in addition to supply
shortages,” Naeem wrote.

Read more: Saudi Arabia extends term for deposit to Egypt’s central bank

Top Content Trending