Inflation rises in Egypt again

Inflation has risen again in Egypt after a month of calm, according to the state-run statistics agency CAPMAS ‘s report on Wednesday. The inflation rate rose to 1.3 percent from – 0.1 percent in June.

Increase in food prices and fuel costs have added more pressure to consumers.

“Consumer prices jumped 13.6 percent year-on-year in July versus 13.2 percent in June. A 22.4 percent annual rise in food and beverages, the largest single component of the inflation basket, was a major driver”. CAPMAS stated.

The renewed acceleration reflects a brace of other new costs for Egyptians, that’s been affected by the global economic crisis due to the war in Ukraine.

Egypt’s government fuel prices increased in July. This helped in rising the transportation fees to 17 percent annual, according to Bloomberg calculations.

Housing, water, electricity and fuel rates increased 5.2 percent, as a combined inflation component.

Consumer prices have also been affected by devaluation of the pound from the beginning of March.