The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the annual urban inflation in Egypt increased to 6.6% in September 2021, compared to 5.7% in August 2021.
The agency said, in its monthly report on inflation, issued Sunday, that the general consumer price index for the country recorded 116.1 points for September 2021, an increase of 1.6% from August 2021.
The agency attributed the rise to the increase in the prices of the vegetables group by 23.5%; the meat and poultry group by 3.2%; the fruit group by 1.7%; the dairy, cheese and eggs group by 0.8%; the oils and fats group by 0.3%; outpatient services by 0.7%; hospital services by 0.7%; medical products, devices and equipment group by 0.4%; private transportation by 0.9%; transportation services by 0.2%; and ready meals by (0.6%).
The agency indicated that the annual inflation for the whole country recorded 8% in September 2021, compared to 6.4% in August 2021, and 3.3% in September 2020.
Monthly core inflation, computed by CBE, recorded 0.4% in September 2021 compared to 0.1% in the same month of the previous year, and -0.3% in August 2021. Accordingly, the annual core inflation recorded 4.8% in September 2021, compared to 4.5% in August 2021.
Noteworthy, the Monetary Policy Committee (MPC) of CBE had decided at its meeting held on 16 September 2021 to maintain the overnight deposit and lending rates and CBE’s main operation rate at the level of 8.25%, 9.25%, and 8.75%, respectively, as well as maintain the credit and discount rate at the level of 8.75%.
The committee stressed that these prices are appropriate at the present time, and are also consistent with achieving the target inflation rate of 7% (±2%) on average during the fourth quarter of 2022 and price stability in the medium term.
