Egypt’s inflation hikes to 18.7% in November – CAPMAS

Egypt’s annual urban consumer inflation rate jumped to a five-year high of 18.7 percent in November, data from the country’s official 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 surged followed a currency devaluation in October and continued restrictions on imports.

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

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