Egypt's headline inflation inches up to 26.5% in October

A street vendor rides his bike and sells traditional pastry in Cairo, Egypt on May 01, 2023. [Ümmü Nisan Kandilcioðlu – Anadolu Agency]

Egypt’s annual urban consumer price inflation edged up to 26.5% in October from 26.4% in September, slightly below expected, data from the country’s statistics agency CAPMAS showed on Sunday, Reuters reports.

On a monthly basis, headline inflation rose by 1.1% in October, unchanged from September.

The median forecast of 17 analysts was for annual inflation to increase to 27% last month. Still, annual inflation crept upwards for a third straight month.

Food prices also rose by 1.1% compared with 2.6% in September. October food prices were 27.3% higher than they were a year earlier.

Inflation has been fuelled largely by an expansion of the money supply. Egypt’s M2 money supply grew by 29.59% year-on-year in September, central bank data showed.

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