Egypt’s annual headline inflation rate surged again in May to 33.7 percent, compared to 15.3 percent in May 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
This increase follows a temporary drop in April to 31.5 percent. The consumer price index (CPI) reached 174.1 points in May marking a 2.7 percent increase compared to April, as recorded by the CAPMAS.
CAPMAS attributed this rise to the increase in prices of grains and bread by 4.6 percent, meat and poultry by 2.1 percent and seafood by 9.8 percent, compared to April. The prices of oils and fat also jumped by 5.9 percent over the same period
Food and beverage prices jumped by 58.9 percent in May compared to the same month last year. Meat and poultry costs increased by 87.9 percent, while dairy, cheese, and egg prices increased by 67.7 percent.
Meanwhile, prices of housing, water, electricity, natural gas and fuel rose by 6.4 percent.
Prices in Egypt continue to rise due to multiple global factors, including the lingering effects of the COVID-19 pandemic. The Ukraine war has caused massive inflation since February 2022, with the Egyptian pound losing approximately 100 percent of its value against the dollar.
The pound currently trades at approximately EGP 31 against the USD.
