Egypt's annual urban consumer price inflation rate surged to a higher-than-expected record 37.4% in August from 36.5% in July, data from the country's statistics agency CAPMAS showed on Sunday. Headline inflation in July was 36.5% and in June 35.7%, both also all-time highs. Month-on-month, prices rose 1.6% in August, down from 1.9% in July and 2.08% in June, CAPMAS said. These included a 21.6% month-on-month increase in vegetable prices and a 5.8% increase in tobacco product prices, while meat fell 2.5% and bread and cereals 1.1%, according to analysts. The median forecast of 14 analysts polled last week had shown annual urban consumer inflation rising to 37.1% in August.

Source: The North Africa Journal September 10, 2023 17:51 UTC