Banking expert expects future inflation rates for the coming period

Banking expert expects future inflation rates for the coming period

Banking expert Ramzi al-Jarm said that the rise in inflation rates in September to its highest level in four years since November 2018, was driven by the increase in food and cigarette prices.

He pointed out that the increase in food and cigarettes deviated from the expectations of the Central Bank of Egypt, which was at a level of 7 percent, with an increase or decrease of 2% until the end of 2022.

The inflation rate exceeded 15 percent during September 2022, compared to 14.6 percent in August, continuing its upward trajectory.

Inflation rates have rose by 1.6 percent in August 2022, while the inflation rate in Egyptian cities increased at 15.3 percent, compared to an average of 8 percent over the same period in the previous year.

Jarm added that the Central Agency for Public Mobilization and Statistics (CAPMAS) attributed the reasons for the increase to the rise in meat prices at a rate of 1.8 percent, smoke at a rate of 3.5 percent, eggs at a rate of 4.4 percent and vegetables at a rate of 6.2 percent.

He expected that the pace of inflation rates would accelerate significantly during the coming period, due to the repercussions of the Russian-Ukrainian war, and the