A poll published Wednesday reported that a rate Inflation in Egypt It is expected to rise to 27 percent in October, due to increased education costs and higher fuel prices mid-month.
According to the average forecast of 17 analysts, the annual inflation rate in prices rose Consumers In Egyptian cities, the rate rose to 27 percent last month, compared to 26.4 percent last September, marking the third annual increase in a row.
The data for this survey was collected during the period from October 31 to November 6 of this year.
Sri Virinci Kadiala of Abu Dhabi Commercial Bank said, “The increase expected in October will be mainly driven by a possible revision in education costs that are usually calculated in this month.”
Last March, Egypt concluded a financial support package worth $8 billion with… IMF International, aimed to help control monetary policy that fuels inflation, and includes requirements to raise the prices of several products in the local market.
Data from the Central Bank of Egypt showed that the money supply recorded a record annual increase last September of 29.59 percent, which contributed to pushing the level of inflation higher.
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Annual inflation received a boost as a result of fuel price increases, which ranged between 10 percent and 15 percent in late July, and further increases between 11 and 17 percent in mid-October. Metro ticket prices also increased by between 25 and 33 percent in early August, and electricity prices by between 21 and 31 percent during the months of August and September.
Inflation has witnessed a gradual decline after reaching a record level of 38% in September 2023. The central bank’s lending rate also turned positive at 28.25% last July, which has not happened since January 2022.
“We expect inflation to continue to slow in the rest of the fourth quarter, and to decline more sharply in the first quarter of 2025, which could allow the central bank to begin an easing cycle,” said James Swanston of Capital Economics.
