Egypt’s inflation rates have reached historic levels since the beginning of 2023. The rise in inflation rates was driven by external factors such as the global inflationary wave, especially in food prices, resulting from the pandemic and the Russian-Ukrainian conflict, in addition to internal factors.
Egypt’s headline inflation, published by the Central Agency for Public Mobilization and Statistics, includes inflation in a basket of goods, including food and energy commodities. Inflation rates started to fall in October and November 2023. The annual headline inflation in November, however, remained high, reaching 36.4% compared to 19.2% in the same month of 2022.
Despite the extension of the onion export ban several times this year, onion prices witnessed the highest inflation rate of 423.1% among all commodities. The Egyptian government projected that the inflation rate would reach an average of 16% by the end of fiscal year (FY) 2023/24.
Source: zawya.com