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Egypt’s Inflation Rises to 18.7% in November 2022

Eunniah MbabazibyEunniah Mbabazi
December 8, 2022
in African News
Reading Time: 2 mins read
Egypt

Annual inflation in urban parts of Egypt accelerated at its fastest pace in almost five years, climbing 18.7% year-on-year in November, versus 16.2% the previous month

It was the highest reading since December of 2017, sending inflation above the upper limit of the central bank’s 5-9% target range for the ninth straight month, largely due to the ongoing depreciation of the pound.

Main upward pressure came from prices of food & non-alcoholic beverages (30.9% vs 23.9% in October), by far the most relevant in the CPI basket. On a monthly basis, consumer prices were up 2.6% in November, from a 2.5% increase in the previous month

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On a monthly basis, consumer prices rose 2.3%, down from 2.6% in October.

egypt inflation cpi

November’s data also raise the chances of the Egyptian central bank hiking interest rates again at its next monetary policy meeting on Dec. 22.

It raised the benchmark rate 200 points to 13.25% in an unscheduled meeting in October, the day of the last devaluation.

See Also:

Kenya’s Inflation Slows for the first time in 9 Months to 9.5% in November


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