10 Oct 2021
Egypt: Inflation Rises 6.6% in September
The Index Today
Egypt’s statistics agency CAPMAS reported that the annual urban consumer price has increased to 6.6% this month after Augusts inflation rate of 5.7%. The findings reveal that the country’s inflation rate remains well within the target range set by the central bank between 5% and 9%.
Allen Sandeep of Naeem Brokerage said, “Monthly inflation is higher than we had anticipated. It’s mainly explained by the jump in vegetables and meat prices. The food index is up 3.5% month on month.”
At the last meeting of the central bank on the 16th of September, the rates were kept steady as the financial conditions around the globe continued to be accommodative. The nation’s fuel committee has agreed to raise domestic prices after a quarterly review was conducted on Friday.