Egypt Daily News – In August 2024, Egypt’s core inflation rate, as reported by the central bank, rose to 25.1% from 24.4% in July, signifying a notable increase for the first time in five months.
The monthly change in the core consumer price index was recorded at 0.9% in August, a significant uptick from 0.3% in August 2023 and a reversal from the negative 0.5% observed in July 2024.
Additionally, the Central Agency for Public Mobilization and Statistics noted that the annual inflation rate in urban areas climbed to 26.2% in August 2024, an increase from 25.7% in July 2024.
The central bank had previously indicated concerns over rising inflationary pressures attributed to fiscal adjustments in the public budget, which included rationalizing subsidies on fuels and electricity, alongside escalating geopolitical tensions in the region.
The central bank has set an ambitious goal to bring the inflation rate down to a single digit, targeting a range between 5% and 9% by the end of December 2024.
