CAIRO: Egypt’s annual inflation rate hit a record high in June of 36.8 percent, up from 33.7 percent recorded in May, according to data released by the Central Agency for Mobilization and Statistics, or CAPMAS, on Monday.
Food and beverage prices — the main drivers of inflation — rose by 64.9 percent in June compared to the same period last year, the data showed. The price of alcohol and tobacco, as a category, rose by 45.4 percent.
Grains, meat, poultry, fish and fruit saw the biggest price increases.
The inflation rate in June 2023 is more than double that of June 2022 when it was at 14.7 percent.
The bureau attributed the increase in monthly inflation to a 3.3 percent rise in the prices of meat, poultry, fish and seafood by 2.9 percent; dairy, cheese and eggs by 0.4 percent; fruit by 5.7 percent; and coffee, tea and cocoa by 4.4 percent.
The monthly price of alcohol rose by 9.3 percent and tobacco by 18.4 percent.
The prices for clothing and shoes rose 2 percent, fabrics 2.1 percent, and ready-made clothing 2.1 percent. Shoes, as a category on its own, rose by 1.4 percent.
The cost of housing, water, electricity, gas and fuel rose by 0.4 percent. There was a 0.6 percent increase in rentals, maintenance and repair by 2 percent, and water and other services related to housing by 0.4 percent.
The cost of healthcare rose by 1.8 percent due to a 2 percent increase in the prices of medical products, devices and equipment, and hospital services by 1.9 percent.
In recent months, the Central Bank has tried to contain inflation, including raising its main interest rate and devaluing the local currency.
The bank decided to keep interest rates unchanged at its last monetary policy committee meeting.
During a meeting in May, the committee decided to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 18.25 percent, 19.25 percent, and 18.75 percent, respectively.
The discount rate also remained unchanged at 18.75 percent.
