HomeEconomyEgypt’s inflation rises to four-year high in September
By Economy Middle East
October 10, 2022 3:48 pm

Egypt’s inflation rises to four-year high in September

Registering 15.3%, up from 14.6% in August
A Cairo street (Image credit: Reuters)

Annual urban consumer inflation in Egypt rose to 15 percent in September, its highest in four years, data from the country’s Central Agency for Public Mobilization and Statistics (CAPMAS) revealed on Monday.

Inflation increased to 15 percent year-on-year from 14.6 percent year-on-year in August, according to the findings. This was the highest since November 2018, when it hit 15.7 percent, the data showed. 

Egypt’s central bank, whose Monetary Policy Committee meets next on November 3, targets a rate between 5 percent and 9 percent, but in June said it expected inflation to exceed the target in the fourth quarter before subsequently declining.