Egypt’s Double Digit Inflation Hits 14.7% in June 2022 – a 0.2% Drop in 7 Months

Following the start of the Ukraine-Russia war in March 2022, the Central Bank of Egypt has increased the interest rates by a total of 3% in response to the global inflationary wave and the impact of the war.

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The annual headline inflation in Egypt accelerated to 14.7% in June 2022, up from 5.3% in the correspondent month of June 2021.

Egypt’s headline monthly inflation however declined slightly to 13.2% in June 2022, down from 13.5% in May 2022, for the first time in 7 months, said the Central Agency for Public Mobilisation and Statistics (CAPMAS).

CAPMAS attributed the decline in monthly inflation mainly to the decrease of food and beverage prices by 2.2%, while other commodities and services, such as shoes and clothes, healthcare,and transport, recorded a price rise ranging between 0.3 – 2%.

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SEE ALSO: Uganda Inflation Rate Hits 6.8% in June 2022

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Egypt’s inflation started to speed up entering the double-digit zone in March 2022:

Egypt 1 Yr Inflation Data

Some of the contributors to the expanding inflation include:

  • Disruption in global supply chains
  • COVID-19 pandemic
  • Russian-Ukrainian conflict
  • Devaluation of the Egyptian pound

Despite the accelerated inflation, the Central Bank of Egypt maintained the key interest rates in June 2022 to record:

  • Overnight deposit rate – 11.25%
  • Overnight lending rate – 12.25%
  • The rate of main operation – 11.75%
  • Discount rate – 11.75%

Following the start of the Ukraine-Russia war in March 2022, the Central Bank of Egypt has increased the interest rates by a total of 3% in response to the global inflationary wave and the impact of the war.

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RECOMMENDED READING: The Reserve Bank of Zimbabwe Introduces Gold Coins as Inflation Skyrockets

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