Skip to content
Subscriber Only

Egypt Inflation Accelerates, Shattering Rate Cut Hopes

  • Annual rate rises to 16% in September, fueled by food prices
  • Inflation is now at ceiling of central bank’s target range
Updated on

Egypt’s annual inflation rate accelerated for the third month to an eight-month high, dashing hopes the central bank may cut borrowing costs amid rising oil prices and declining foreign interest in local debt.

Consumer prices rose by 16 percent in September in urban parts of the country, their fastest pace since January, according to the report Wednesday by the state-run statistics agency. That puts the annual figure at the ceiling of the central bank’s target range of 13 percent, plus or minus 3 percentage points. Month-on-month inflation quickened to 2.5 percent, reversing two months of deceleration.