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