Egypt’s Annual Inflation Inches Up to 36.5 Percent in July Amid Food Price Surge

Egypt’s annual headline inflation saw a slight uptick, reaching 36.5 percent in July, compared to the previous month’s 35.7 percent, according to data unveiled by the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Thursday. This inflationary trend was primarily propelled by escalating food prices.

The comprehensive report highlighted notable price escalations across every category within the food and beverages basket. Of note, fruit prices experienced the most significant surge, witnessing an increase of 12.5 percent in comparison to June.

The country’s annual inflation rate was substantially influenced by a substantial 68.2 percent rise in food and beverage costs during July, measured on a year-on-year basis. This surge was particularly pronounced in the categories of grains and bread, which escalated by 55.7 percent, and meat and poultry, registering a notable 93.4 percent increase.

The surge in inflation, particularly driven by food price hikes, underscores the challenges Egypt is navigating in maintaining price stability amid changing market dynamics. The Central Bank and relevant authorities will continue to monitor these trends closely, seeking to implement measures that mitigate the impact of inflation on the economy and consumers alike.

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