RIYADH: According to figures provided by the nation’s statistics office CAPMAS, Egypt’s annual urban consumer inflation surprisingly decreased to 14.9 percent in April from 15.2 percent in March. In April, there was a 1.1 percent monthly increase in consumer prices. Prices for food and beverages increased 6.7% over the previous year, but they decreased 0.7% month over month.
The ongoing geopolitical tensions that caused energy prices to rise at the beginning of the month, the Egyptian currency to weaken, and the cost of commodities, especially chicken, to rise all contributed to easing inflation.
Due in part to a $8 billion financial assistance package reached with the International Monetary Fund in March 2024, Egypt’s annual inflation rate has drastically decreased from its record high of 38 percent in September 2023. However, when the government decided on May 3 to hike natural gas prices for several energy-intensive companies, inflationary pressures may rise again in May.
Egypt’s net foreign assets fell by $6.07 billion to $21.34 billion in March, according to separate central bank data, the worst monthly decrease since the start of the Iranian war. The decrease occurred in the first full month following attacks on Iran by the United States and Israel.
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