Data from the Egyptian Central Agency for Public Mobilization and Statistics indicate that the reason for the rise in consumer price inflation in Egyptian cities is the increase in the prices of fruits and vegetables by 9 percent, and vegetables by 5.3 percent.
Data from the Egyptian Central Agency for Public Mobilization and Statistics showed today, Thursday, that consumer price inflation in cities rose to 4.8 percent in May, on an annual basis, from 4.1 percent in April.
On a monthly basis, price inflation in May recorded 0.7 percent, compared to 0.9 percent in April, and the Central Bank of Egypt’s inflation target until the end of 2022 is seven percent, plus or minus two percentage points.
The agency also confirmed that the reason for the increase in inflation is the increase in the fruit group by 9 percent and vegetables by 5.3 percent, especially potatoes by about 14 percent.
The poverty rate in Egypt decreased to 29.7 percent in the fiscal year 2019-2020 from 32.5 percent in 2017-2018, and the average annual net income of the family at the level of the Egyptian Republic increased by 14.4 percent to 69.1 thousand pounds in 2019-2020 from 60.4 thousand pounds in 2017-2018 , according to government data.
Member of the Egyptian Investment Bank Pharos, Radwa El-Swaify, confirmed that “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.”
وأضافت السويفي “The rise in prices is due to its rise globallyAnd an increase in the cost of production, which will lead to companies resorting to increasing the prices of their products, and the prices of vegetables and fruits usually witness increases in the summer due to heat and damage.”