Egyptian consumer price inflation jumps to 6.6%

Egyptian consumer price inflation jumps to 6.6% in September
1 min read
The cost of living in Egypt is rising as basic goods like food and fuel jump up in price.
The cost of vegetables and meat have increased in Egypt over the past month [source: Getty]

Egypt's annual urban consumer price inflation increased to 6.6 percent in September from 5.7 percent in August, data from the country's statistics agency CAPMAS showed on Sunday.

The rate remains well within the target range of between 5 percent and 9 percent set by the central bank, which meets on October 28 to decide interest rates.

"Monthly inflation is higher than we had anticipated. It's mainly explained by the jump in vegetable and meat prices. The food index is up 3.5 percent month on month," said Allen Sandeep from investment house Naeem Brokerage.

The central bank held rates steady at its last meeting on September 16, saying that global financial conditions continued to be "accommodative".

Egypt's fuel pricing committee also raised domestic prices in a quarterly review on Friday.