Global Courant
Year-on-year inflation in Egypt rose to 32.7 percent in Mayfrom 30.6 percent in Aprilaccording to data published Saturday by the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS).
CAPMAS said in a statement that monthly inflation increased by 2.7 percent in May.
It added that the overall consumer price index across the country hit 174.1 points last month, up 2.7 percent from April last year.
The agency attributed this increase to the rise in prices of grains and bread by 4.6 percent, meat and poultry by 2.1 percent, seafood and fish by 9.8 percent, and oils and fats by 5.9 percent.
Egypt, which is heavily dependent on imports, is suffering from an increase in the prices of goods and services due to the devaluation of the Egyptian pound against the US dollarand problems with currency flows.
Earlier, credit rating agencies noted an increase in financing risks for Egypt with the increase in its future needs.
As a result of these risks, the rating agency Standard & Poor’s revised the outlook for Egypt from stable to negative, while the agency Fitch downgraded Egypt’s credit rating from B+ to B with a negative outlook as well.
One of these efforts is to set up a business for Egyptian expatriates to invest their savings in various economic activities in the local market. This aims to achieve a high return for them and to increase direct investment.
The Egyptian government is also working to save the US dollar by completing the steps of commercial transactions with Russia in local currency and expanding to China and India.
