Egypt's overall inflation rate in December 2022 was 21.9%, which is more than three times higher than in December 2021 (6.5%). Al-Ahram daily reported this on Tuesday, citing data from the country's Central Agency for Public Mobilization and Statistics.
It is noted that the index rose by 2.1 percentage points compared to November. Thus, inflation reached a record level in the last five years. Experts explain the ongoing negative dynamics by a further increase in the prices of basic commodities. In particular, the cost of food for the month rose by an average of 4%, with dairy products - more than 6%, and fruit - nearly 8%.
Double-digit annual inflation rates have been registered in Egypt since March last year. On Monday, President Abdel Fattah el-Sisi rejected criticism of the government's economic policy, explaining the rise in prices by the effects of the coronavirus pandemic and geopolitical tensions that affect global supply chains. At the same time, the government announced austerity measures aimed at overcoming the currency crisis.
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Based on materials from TASS