{"id":577168,"date":"2022-11-13T04:00:17","date_gmt":"2022-11-13T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/"},"modified":"2022-11-13T04:00:17","modified_gmt":"2022-11-13T04:00:17","slug":"inflation-hits-four-year-high-in-october","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/","title":{"rendered":"Inflation hits four-year high in October"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Inflation <\/strong><strong>accelerates<\/strong><strong> again in October:<\/strong> Urban inflation hit its highest level in four years in October on the back of surging food prices. The annual rate of inflation rose to 16.2% during the month from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b93ffa67-6360-4917-a72f-48ea6f3261d8\">15.0%<\/a> in September, according to <a href=\"https:\/\/ent.news\/2022\/11\/October2022inflation.pdf\">figures (pdf)<\/a> released Thursday by state statistics agency Capmas. This is the highest level since October 2018, when it recorded 17.68%. On a month-on-month basis, urban inflation rose 2.6% in October, accelerating from 1.6% in September.<\/p>\n<p><strong>Food was the main driver:<\/strong> Food and beverage costs \u2014 the biggest component of the basket used to measure inflation \u2014 jumped 23.8% y-o-y from 21.7% in September.<\/p>\n<p><strong>But there are inflationary pressures throughout the economy:<\/strong> Annual core inflation, which strips out volatile items such as fuel and food, jumped to a near-five-year high of 19.0% in October, up from 18.0% the previous month, according to <a href=\"https:\/\/ent.news\/2022\/11\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%AD%D9%81%D9%89-%D8%A7%D9%84%D8%AA%D8%B6%D8%AE%D9%85-%D8%A3%D9%83%D8%AA%D9%88%D8%A8%D8%B1-2022.pdf\">Central Bank of Egypt data (pdf)<\/a>. This is the 14th month in a row that core inflation has accelerated.<\/p>\n<p><strong>We haven\u2019t seen anything yet:<\/strong> October\u2019s data doesn\u2019t reflect the impact of the decision by the CBE to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddd263a4-f28f-47d4-90e2-e93c3db56a26\">float the currency<\/a> at the end of the month, which has led to the EGP falling almost 24% against the greenback. \u201cThe upcoming months, mainly November and December, are likely to reflect the full pass-through effect of the EGP devaluation,\u201d Al Ahly Pharos analyst Esraa Ahmed wrote in a note Thursday. \u201cThis would coincide with unfavorable base effect during 4Q 2022 and 1Q 2023, fueling <strong>expected annual inflation readings that might hit the 20% y-o-y border for some months<\/strong>.\u201d Meanwhile, analysts at CI Capital see the rate <strong>averaging 18% between November and February<\/strong> due to the depreciation of the currency and the repealing of the government\u2019s import restrictions.<\/p>\n<p><strong>Goodbye 7% target:<\/strong> The central bank is planning to scrap its 7% (\u00b12%) target and will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06c4e072-4011-4127-a6c3-c014b13880aa\">announce<\/a> a new target range before the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation accelerates again in October: Urban inflation hit its highest level in four years in October on the back of surging food prices. The annual rate of inflation rose to 16.2% during the month from 15.0% in September, according to figures (pdf) released Thursday by state statistics agency Capmas. This is the highest level since [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577169,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[330,271,104,1419,72,182],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-capmas","tag-central-bank-of-egypt","tag-economy","tag-egp","tag-enterpriseam","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"eda939e2-7215-4e94-bc1e-93f00623cee5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/194.jpg","photo_position":"above","related_issue":[577158],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Inflation hits four-year high in October - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation hits four-year high in October\" \/>\n<meta property=\"og:description\" content=\"Inflation accelerates again in October: Urban inflation hit its highest level in four years in October on the back of surging food prices. The annual rate of inflation rose to 16.2% during the month from 15.0% in September, according to figures (pdf) released Thursday by state statistics agency Capmas. This is the highest level since [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-13T04:00:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/194.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Inflation hits four-year high in October\",\"datePublished\":\"2022-11-13T04:00:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\"},\"wordCount\":304,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/11\/194.jpg?fit=%2C&ssl=1\",\"keywords\":[\"CAPMAS\",\"Central Bank of Egypt\",\"economy\",\"EGP\",\"EnterpriseAM\",\"inflation\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/13\/inflation-hits-four-year-high-in-october\/\",\"name\":\"Inflation hits four-year high in October - 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November\u2019s inflation figures are the highest in nearly five years, driven primarily by rising food and beverage prices. On a month-on-month basis, urban\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/181.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553861,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/12\/urban-inflation-dips-to-lowest-level-since-july\/","url_meta":{"origin":577168,"position":1},"title":"Urban inflation dips to lowest level since July","author":"enterpriseam admin","date":"12 December 2021","format":false,"excerpt":"Annual urban inflation slowed for the second month running in November as pressure on food prices continued to ease, according to official figures released on Thursday. The headline rate fell to 5.6% last month from 6.3% in October, the lowest rate since July and within the lower end of the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/291.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555373,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/annual-inflation-cools-from-20-month-high\/","url_meta":{"origin":577168,"position":2},"title":"Annual inflation cools from 20-month high","author":"enterpriseam admin","date":"11 November 2021","format":false,"excerpt":"Annual urban inflation fell back from its 20-month high in October as the rate of increase in food prices dipped from the month prior, according to official figures (pdf) released yesterday by state statistics agency Capmas. Urban inflation slipped to 6.3%, down from 6.6% in September, which was the highest\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/414.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":675268,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/11\/inflation-accelerates-for-first-time-in-four-months\/","url_meta":{"origin":577168,"position":3},"title":"Inflation accelerates for first time in four months","author":"enterpriseam admin","date":"11 November 2025","format":false,"excerpt":"Annual headline inflation rose to 12.5% in October","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/735.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542673,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/11\/urban-inflation-rises-to-5-9-in-december-below-expectations\/","url_meta":{"origin":577168,"position":4},"title":"Urban inflation rises to 5.9% in December, below expectations","author":"enterpriseam admin","date":"11 January 2022","format":false,"excerpt":"Annual urban inflation rose to 5.9% in December from 5.6% in November, ending a two-month downward trend despite a slowdown in food price inflation, according to figures released yesterday by statistics agency Capmas. On a monthly basis, consumer prices fell for the first time in 11 months, dipping 0.1% due\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/118.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557230,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/","url_meta":{"origin":577168,"position":5},"title":"Inflation continues upwards trend in August, hitting 5.7%","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"Annual urban inflation hit its highest level in nine months in August on the back of rising food, fuel and transportation costs, according to figures released on Thursday. Headline urban inflation rose slightly to 5.7% in August, up from 5.4% in July, according to state statistics agency Capmas. That\u2019s the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=577168"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577168\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577169"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577168"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577168"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}