Riyadh: Egypt’s Inflation Rate Dips to 27.1 Percent in June
In a recent report released by Egypt’s Central Agency for Public Mobilization and Statistics, it was revealed that the annual consumer price inflation rate in Egypt dropped to 27.1 percent in June, slightly lower than the previous month’s rate of 27.4 percent. This decline can be attributed to a decrease in food prices.
Factors Behind the Change
The reduction in inflation is mainly due to price decreases in various categories. For instance, fish and seafood prices fell by 0.1 percent, oils and fats by 0.3 percent, fruits by 2.6 percent, and sugar and sugary foods by 1 percent. On the other hand, prices for grains and bread rose by 13.5 percent, meat and poultry by 3.7 percent, and vegetables by 2.3 percent.
Price Trends in Different Sectors
While textiles and clothing accessories saw a decrease in prices, categories like mineral water, natural juices, and ready-made clothing experienced price hikes. Additionally, the healthcare sector witnessed a 2.7 percent increase in prices.
Economic Outlook
Egypt’s economy has been struggling due to a lack of foreign currency, but recent developments such as a real estate deal with the UAE and agreements with the International Monetary Fund have provided some relief. The country’s Planning Minister has projected a growth rate of 2.9 percent to 3 percent for the current financial year, with expectations of further growth in the coming years.