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Egyptian consumer price inflation rises to 6.6% in Sept -CAPMAS By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – Egyptian laborers are seen at the construction site for a new road. The pyramid of Khufu, or “Cheops”, can be seen behind them, in Giza (Egypt), November 9, 2020. REUTERS/Amr Abdallah Dalsh

DUBAI, (Reuters) –Egypt’s urban annual consumer price inflation rose to 6.6% from 5.7% August, according to data released by CAPMAS on Sunday.

It is well within the range of 5% to 9.9% established by the central banks, which met on Oct. 28 for the determination of interest rates.

We were not prepared for the higher monthly inflation. The rise in the prices of meat and vegetables is what explains it. Allen Sandeep from Naem Brokerage stated that the food index rose 3.5% per month.

At its September 16th meeting, the central bank maintained steady rates and stated that overall financial conditions remained “accommodative”.

In a Friday quarterly review, Egypt’s Fuel Pricing Committee also increased domestic prices.

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