2023-06-10 14:53:40
Urban inflation rose 2.7% in May month-on-month, one of the highest levels, according to a report by the Central Agency for Public Mobilization and Statistics ( CAPMAS).
High inflation in May was mainly due to higher food prices, which rose 58.9% year-on-year, healthcare costs, which rose 18% year-on-year, and prices hotels and restaurants, which increased by 48.8% compared to the same period last year, the report explained.
Also on Saturday, Egypt’s Ministry of Supply and Internal Trade launched a nationwide project to establish strategic food warehouses in the country’s northeastern Suez Canal city, on the instructions of President Abdel -Fattah al-Sissi, to ensure the strategic storage of commodities in the context of the constraints of global supply chains and the shortage of dollars in Egypt.
Egypt’s runaway inflation rate is attributed to a recurrent currency devaluation since March 2022, fueling the shortage of foreign currency and delays in receiving imports.
In December 2022, Egypt secured $3 billion in financial support from the International Monetary Fund, which required a follow-up review by the financing body for the release of the local currency.
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