Egypt's inflation grew by 21.9% in December 2022, the highest since December 2017

Posted on January 18, 2023   |  

In December, Egyptian annual urban consumer inflation grew by 21.9% from 19.2% in November, surpassing analyst expectations.

The inflation figure was the highest since December 2017, when it stood at 21.9%, and in October, the rise in prices followed currency devaluation and restrictions on imports.

The central bank allowed the Egyptian pound to decline by 14.5% on Oct. 27 and continue to weaken slowly and incrementally in November and December.

Food and beverages grew by 4.6% month-on-month impacted by bread and cereals, dairy, vegetables, and meat, which goes towards absorbing a 25% devaluation in late October but indicates more inflation to come.