Egypt: Inflation rises again in September
Latest reading: Inflation rose for a second consecutive month in September to 26.4% from August’s 26.2%. September’s acceleration surprised markets to the upside. Looking at the details of the release, an increase in fuel prices and power tariffs—as part of the bailout deal with the IMF—led to higher energy costs in the month. Conversely, prices for food and non-alcoholic beverages—the largest component of the consumer price index basket—increased at a softer pace in September.
Still, the trend pointed down, with annual average inflation coming in at 30.5% in September (August: 31.4%). Meanwhile, core inflation edged down to 25.0% in September from the previous month’s 25.1%.
Lastly, consumer prices rose 2.12% in September over the previous month, accelerating from August’s 2.03% increase. September’s uptick was the highest reading since February.