Egypt’s annual urban consumer price inflation has accelerated to 13.9% in April from 13.6% in March, matching analyst expectations.
According to data from the statistics agency CAPMAS, month-on-month prices were 1.5% higher at the end of April than at the end of March.
Food and beverage prices decelerated by 1.5% month-on-month but rose by 6.0% annually.
Analysts cited an increase in the official price of fuel as the main cause of the inflation rise.
Egypt’s inflation soared following Russia’s full-scale invasion of Ukraine in early 2022, which prompted foreign investors to withdraw billions of dollars from Egyptian treasuries, with headline inflation rising by a record 38.0% in September 2023.
In an effort to bring finances under control, Egypt devalued its currency, raised interest rates by 600 basis points, and signed an $8 billion financial support package with the International Monetary Fund in March last year.
