Egypt’s annual urban consumer price inflation rose to a historic high of 38.0% in September, climbing from 37.4% in August and topping analyst expectations, data from statistics agency CAPMAS showed on Tuesday.
This becomes the fourth consecutive month with highs inflation recorded according to the central bank.
The median forecast of 18 analysts polled this week had shown annual urban consumer inflation rising to 37.6% in September, Reuters reports.
Monthly basis inflation rose to 2.0% compared with a 1.6% increase in August, Allen Sandeep of Naeem Brokerage said.
Food and beverages prices in September jumped month-on-month by 3.6%, with vegetable surging by 19.2%, fruits by 5.4%, dairy products by 5.4% and sugar items by 2.9%, Sandeep added.
Seeking to fight food inflation, the government said on Monday it had agreed with private producers and retailers to cut prices on staple foods by 15-25% and exempt them from customs duties for six months.
Core inflation, which strips out volatile items like food and fuel, retreated to 39.7% from 40.4% in August, the central bank said.
