Inflation in Egypt reached its highest rate in the last 5 years

According to the report of the International Economic Group of Fars News Agency, quoted by Sputnik, the inflation rate in the cities and urban areas of Egypt accelerated during the last month and reached its highest level in the last five years. That is after the exchange rate of the pound against the dollar fell sharply for the second time in October.

The annual growth rate of consumer prices for the country’s cities rose to 18.70 percent in November, the highest level since late 2017, data from Egypt’s Statistics Center Organization released Thursday showed. This index recorded 16.2 percent in October.

Throughout Egypt, the annual inflation rate reached 19.2% last month (November compared to November), while it was 6.2% in the same month last year and 16.3% last October. This means that the monthly inflation rate has increased by 2.5% in Egypt.

The Egyptian Statistics Organization attributed the increase in the price of cereals and bread by 52.1%, meat and poultry by 30.3%, fish and seafood by 38%, milk, cheese and eggs by 40%, and coffee and tea by 23.1%.

Observers expect the inflation rate in Egypt to continue at high levels under the influence of international prices and exchange rates. In particular, the Egyptian pound is witnessing a further decline in value in the current period and may see a significant decline within the next few days before the time to review the December 1 agreement between Egypt and the International Monetary Fund, according to which Egypt will receive a $3 billion loan.

A few weeks ago, Egypt concluded an agreement at the expert level with the International Monetary Fund, according to which the financial package includes 3 billion dollars as a loan from the International Monetary Fund and 1 billion dollars as a loan from the International Fund’s Development and Stability Fund. will receive money; In addition to the five billion dollars that Egypt can receive as loans from parties and countries with the support of the International Monetary Fund.

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