Consumer Inflation Rises in July
Core Inflation Hits 13 Percent
Egypt's Central Bank has reported that monthly core CPI inflation reached 13 percent in July 2023. This represents a significant increase from the previous year, when inflation was recorded at 9.7 percent.
Key Findings of the CPI Report
* **Headline inflation:** Rose 0.2 percent in July on a monthly basis and 29 percent on a yearly basis. * **Core inflation:** Excluding volatile food and energy prices, rose 0.2 percent monthly and 13 percent yearly. * **Consumer prices:** Increased across all categories, with notable increases in food, energy, and housing. The report aligns with expectations and highlights the ongoing inflationary pressures faced by consumers in Egypt. The rise in inflation is a concern, as it erodes purchasing power and affects overall economic growth.
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