By Ukumbi Afrika 
Cairo—Egypt’s annual urban consumer price inflation accelerated to 14.9% in July, up from 14.3% in June, highlighting continued pressure on household purchasing power despite a monthly decline in food prices.
The figures released on Monday by Egypt’s state statistics agency, CAPMAS, showed that nationwide annual inflation reached 13.0% in July, compared with the same month last year.
Food Prices Ease Monthly, Remain Higher Annually
Urban food and beverage prices declined 0.6% month-on-month in July, offering some relief to consumers. However, food and beverage prices remained 8.0% higher than a year earlier.
Nationwide, the all-items consumer price index increased 0.1% from June, while food and beverage prices slipped 0.1% month-on-month.
In rural areas, annual inflation stood at 11.2% in July, with rural food and beverage prices rising 7.8% year-on-year.
Inflation Comes Within Analysts’ Forecast Range
A Reuters poll of 13 analysts conducted between July 29 and August 6 had projected urban inflation between 14.6% and 16.3%.
The July figure therefore came within expectations, although the acceleration from June underscores the continued challenges facing Egypt’s economy and consumers.
Key Inflation Figures
Urban annual inflation: 14.9%
-Urban annual inflation in June: 14.3%
Nationwide annual inflation: 13.0%
Rural annual inflation: 11.2%
Urban food inflation: 8.0% year-on-year
Urban food prices: -0.6% month-on-month
Nationwide all-items index: +0.1% month-on-month
Source: Reuters
Reporting: Tala Ramadan
Editing: Clarence Fernandez, Aidan Lewis