The growth of consumer price inflation in Egypt slowed to 38% on a year-on-year basis in September, with continued high prices in food, transportation, energy, and health.
The Central Agency for Public Mobilization and Statistics in Egypt stated that the year-on-year inflation in the past month decelerated from 39.7% in the previous August.
Thus, consumer prices recorded last month fell below the peak of 40 years recorded in August, according to the Egyptian statistical price archive.
The local markets in Egypt continue to be affected by the devaluation of the pound against the dollar since last year, which has impacted import prices from abroad along with the rise in local production costs.
Since March 2022, Egypt has reduced the exchange rate of the pound three times, from an average of 15.7 pounds to the dollar, currently stabilizing at 30.9 pounds.
On an annual basis, the inflation of food and beverage prices rose to 73.6%, up from 71.9% in August, while the prices of the transport and transportation section fell to 12.9% from 15.2% in August.
Similarly, the prices of the healthcare group slowed to 20%, down from 22.8% in August, and the housing, water, and electricity section remained at 7.1%, almost unchanged from August.