Egypt’s annual urban inflation rate eased for the first time in nine months to 30.6% in April 2023 from 32.7% in the previous month and below market forecasts of 31%, The Central Agency for Public Mobilization and Statistics (CAPMAS) reported. This is a 14.9% increase from April of last year.

Egypt's annual headline inflation rate dropped to 31.5% this April, compared to 33.9% from last month.

CAPMAS also stated that Egypt's annual core inflation rate is expected to ease to 39.2% this April from 39.5 in the previous month. On a monthly basis, consumer price index rose by 1.8% to record 169.9 points easing from a 2.7% gain in March.

From the previous month, prices of food and beverages in Egypt increased by 2.3% in April, grain and bread increased by 7% and fish prices increased by 7.3%, and pourtly and meat prices increased by 0.9%.

Prices of housing, water, electricity, natural gas, and fuel also saw a 0.6% increase compared to last month, and transportation prices saw a 0.9% increase.

Earlier this week, The Egyptian Cabinet’s Media Center published a report highlighting Egypt’s export figures and trade indicators. The report showed that Egypt’s value of exports saw a $24 billion increase in 8 years, recording $51.6 billion in 2022 up from $27.6 billion in 2014.