Egypt’s annual headline inflation doubled to 4.5% in October: CAPMAS

Egypt’s annual headline inflation doubled to 4.5% in October: CAPMAS

Egypt's annual headline inflation rate doubled in October to reach 4.5 percent, up from 2.4 percent in October 2019, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Tuesday.

The monthly inflation rate recorded 1.8 percent as well.

The notable increase in the annual headline inflation rate is driven by a surge in school and university fees by 20 percent, in addition to the increase in the price of utilities and ready-garments in domestic markets, and the huge increase in the prices of other activities, according to CAPMAS.

The announced figure came in the limit range that the Central Bank of Egypt (CBE) has set by 9 percent (plus or minus 3 percent).

In October, CAPMAS said that the country's annual headline inflation rate declined to