CAIRO (Reuters) – Egypt’s annual urban consumer price inflation rose to a historic high of 38.0% in September, climbing from 37.4% in August and topping analyst expectations, data from statistics agency CAPMAS showed on Tuesday.
It was the fourth consecutive month of record highs.
The median forecast of 18 analysts polled this week had shown annual urban consumer inflation rising to 37.6% in September. The previous high of 32.95% was recorded in July 2017.
Rapid money supply growth over the last two years has helped prices to climb rapidly and the currency to lose almost half its value against the U.S. dollar since March 2022. Many Egyptians have seen their living standards slide.
Seeking to fight inflation, the government said on Monday it had agreed with private producers and retailers to cut prices on staple foods by 15-25% and exempt them from customs duties for six months.
(Reporting by Yomna Ehab and Tala Ramadan; Writing by Patrick Werr; Editing by Shri Navaratnam and Miral Fahmy)
