The annual inflation rate in Egypt rose to 19.2% in November, the highest rate since the beginning of 2018. This comes at the height of the Egyptian economy’s vulnerability to the economic crisis left by the Russian invasion of Ukraine.
The Central Agency for Public Mobilization and Statistics stated in its periodic bulletin today, Thursday, that the inflation rate reached 6.2% for the same month of the previous year, while it was 16.2% last October.
The government agency attributed the reasons for this rise to the increase in the prices of the cereals and bread group by 4.8%, the meat and poultry group by 6.8%, the fish and seafood group by 3.7%, the dairy, cheese and eggs group by 5.5%, and the vegetables group by 7.8%.
The exchange rate of the Egyptian pound declined against the dollar after the Central Bank of Egypt decided in late October to liberalize the exchange rate of the pound, losing more than 55 percent of its value since last March, and raising the interest rate to contain inflation.
Egypt signed an agreement to obtain a new loan from the International Monetary Fund, at the expert level, at a value of 3 billion dollars, in addition to loans from other parties worth 6 billion dollars, to face the negative repercussions that the country’s economy suffers from.
In the months after Russia’s invasion of Ukraine, inflation increased to more than double what it was a year ago.