Egypt’s annual urban consumer price inflation inched up to 26.5% in October, compared to 26.4% in September, according to data released on Sunday by the country’s statistics agency, CAPMAS.
The increase was slightly below expectations. Every month, inflation rose by 1.1% in October, unchanged from the previous month.
The median forecast of 17 analysts had predicted a rise in annual inflation to 27% for October. Nonetheless, this marked the third consecutive month of a slight uptick in annual inflation.
Food prices also saw a 1.1% rise in October, down from 2.6% in September. Year-on-year, food prices were 27.3% higher in October.
The inflationary pressure has largely been driven by an increase in the money supply. According to central bank data, Egypt’s M2 money supply grew by 29.59% year-on-year in September.
