Egypt’s Core annual inflation rose to 6.3 percent in January: CBE

Egypt’s Core annual inflation rose to 6.3 percent in January: CBE

The CBE stated that the monthly core inflation rate reached 0.8 percent in January, compared to 0.5 percent in the same month of last year, and compared to 0.2 percent in December 2021.

The Central Agency for Public Mobilization and Statistics announced on Thursday, that the annual inflation rate for the whole country increased during January for the second month in a row, reaching eight percent compared to 6.5 percent in December, and the annual inflation rate in urban areas rose to 7.3 percent in January, compared to 5.9 percent in December.

The monthly inflation rate for the whole country was eight percent in January, compared to a negative 0.2 percent in December.

The monthly inflation rate in urban areas was 0.9 percent, and in the countryside by 1.2 percent during last January.

Despite the rise in the annual inflation rate, it is still within the target range set by the CBE at the level of eight percent (with an increase or decrease of two percent) on average during the fourth quarter of 2022.

The banking expert Mohamed Abdel-Aal said that despite the rise in inflation, it is still at a single digit under 9 percent, which is the maximum target from the CBE.

Abdel-Aal explained