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Data from the Egyptian Central Agency for Public Mobilization and Statistics showed today, Thursday, that consumer price inflation in cities rose to 4.8% in May 2021 on an annual basis, from 4.1% in April 2021.
On a monthly basis, price inflation last May recorded an increase of 0.7 percent compared to last April.
The Central Bank of Egypt’s inflation target until the end of 2022 is seven percent, plus or minus two percentage points.
“The rise is in line with expectations, especially in light of the increase in food and drink prices, which confirms that prices will continue to rise during the coming period,” said Radwa El-Swaify of the Egyptian investment bank Pharos.
Al-Swaify added, “The rise in prices is due to their rise globally and the increase in the cost of production, which will lead companies to resort to increasing the prices of their products. The prices of vegetables and fruits usually witness increases in the summer due to heat and damage.”
The Egyptian apparatus attributed the increase in inflation to the increase in the group of fruits by 9 percent and vegetables by 5.3 percent, especially potatoes by about 14 percent.
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