Egypt’s annual urban consumer inflation rate surged to a five-year high of 18.7 per cent in November, closely matching analyst expectations, data from the statistics agency CAPMAS showed on Thursday.
The inflation figure, up from 16.2 per cent in October, was the highest since December 2017, when it hit 21.9 per cent. The price rises followed a currency devaluation in October and continued restrictions on imports.
The median forecast in a Reuters poll of 14 economists had expected inflation of 18.75 per cent. Six economists also forecast that core inflation, due out later on Thursday, would come in at a median 21.6 per cent.
The increase reflected a continued jump in month-on-month inflation, with prices rising 2.3 per cent compared to 2.6 per cent in October, Naeem Brokerage said in a note.
The monthly increase was “as driven by higher production costs, amid a weakening Egyptian Pound, in addition to supply shortages,” Naeem wrote.