Egypt's Annual Urban Inflation Rises to 13.9%
Taarek Refaat
Egypt's urban inflation rate accelerated in April, reaching 13.9% year-on-year, compared to 13.6% in March, according to data released Saturday by the Central Agency for Public Mobilization and Statistics (CAPMAS).
However, on a monthly basis, urban inflation slowed to 1.3% in April, compared to 1.6% in March.
This is the second acceleration in inflation figures in the past 7 months. Consumer prices were higher last month and the previous month in August, impacted by increases in fuel and public transportation fares.
This was due to a 6.7% increase in electricity, gas, and fuel prices, an 8.6% increase in private transportation prices, an 8.2% increase in transportation services prices, a 1.3% increase in vehicle purchase prices, a 1.2% increase in vegetables, and a 0.5% increase in grains and bread prices.
Last April, Egypt raised petroleum product prices for the second time in six months, expecting to achieve savings of EGP 35 billion in the current fiscal year 2024-2025 budget. The price increase included all types of gasoline and diesel, with an increase of EGP 2 per liter.
Over the past year, the government moved to raise the prices of several goods and services. Metro and train ticket prices increased in August 2024 by rates ranging from 12.5% to 25%, as part of the country's efforts to reduce subsidies on many essential services and commodities.
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