World - Africa
Updated: November 10, 2022

Egypt’s Inflation Accelerates To Four-Year High

By Quadri Adejumo
November 10, 2022
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Inflation in urban parts of Egypt accelerated in October to a four-year high.

The inflation rate quickened to 16.2 per cent on an annual basis last month compared with 15 per cent in September, the state-run statistics agency CAPMAS said on Thursday.

Food and beverage costs, which make up the largest single component of the inflation basket, increased by 23.8 per cent.

Monthly inflation was also 2.6 per cent versus 1.6 per cent in September.

The inflation has underlined the impact of Russia’s invasion of Ukraine on the Arab world’s most populous nation.

Faced with surging food and fuel import bills, Egypt has raced to secure support from its Gulf allies and the International Monetary Fund and devalued its currency twice, in March and late last month.