The latest figure immediately upends the drop in inflation that came in June 2022, which disrupted a 7-month climb in annual inflation.
The rise in inflation has been attributed to the government raising fuel prices. Egypt’s fuel pricing committee increased gasoline prices by 2.3% on average in July 2022 during a quarterly review. The devaluation of the Egyptian pound by 14% in March 2022 also had an effect on local prices.
Egypt is the largest importer of wheat globally. As a result, it has been severely impacted by the Ukraine-Russia conflict since this has disrupted shipments in the black sea region where 80% of Egypt’s imports come from.
Egypt’s is part of several countries across Africa that have experienced heightening cost of living, with all pointing blame at the Ukraine-Russia conflict.