Fitch Solutions projects 13.2% inflation in 2022

For the first time in seven months, Egypt’s headline monthly inflation declined to 13.2 percent in June, down from May’s 13.5 percent, according to the recent readings published by the Central Agency for Public Mobilisation and Statistics (CAPMAS) in July.

On the other hand, annual headline inflation accelerated to 14.7 percent in June, up from the 5.3 percent recorded in June 2021.

Furthermore, the exchange rate in the Egyptian market has started to edge up since the devaluation of the EGP that the Central Bank of Egypt (CBE) applied in March on the back of growing global economic crisis due to the war in Ukraine.

According to the CBE, the USD’s current price in the Egyptian market is EGP 18.8 for buying and EGP 18.9 for selling.