By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
    March 20, 2023
    Could this be the year for Tobacco Harm Reduction?
    Could this be the year for Tobacco Harm Reduction?
    March 20, 2023
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    March 20, 2023
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    March 20, 2023
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    March 20, 2023
  • Politics
    PoliticsShow More
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    March 21, 2023
    Chinese President Xi meets Putin in Moscow
    Chinese President Xi meets Putin in Moscow
    March 21, 2023
    UN envoy says solution "closest" to end political crisis in Sudan
    UN envoy says solution “closest” to end political crisis in Sudan
    March 20, 2023
    20 years on, George W. Bush’s promise of democracy in Iraq and Middle East falls short
    March 20, 2023
    Iraq 20 years on: researchers assess how US invasion shapes lives today – podcast
    March 20, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: CBE reveals reasons for high inflation in January 2022
Share
Notification
Latest News
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > CBE reveals reasons for high inflation in January 2022
Business

CBE reveals reasons for high inflation in January 2022

Hossam Mounir
Last updated: 2022/02/16 at 11:06 PM
By Hossam Mounir 5 Min Read
Share
SHARE

Egypt’s annual urban inflation increased to 7.3% in January 2022 from 5.9% in December2021 , marking the highest rate since August 2019.

According to the Central Bank of Egypt (CBE), the increase in annual inflation was predominantly driven by unfavourable base effects in volatile food inflation, as monthly inflation in January 2021 came against its seasonal pattern, mainly as a result of the strongest monthly decline in tomato prices on record.

This comes as monthly headline urban inflation recorded 0.9% in January 2022, compared to -0.4% in January 2021.

Furthermore, monthly headline urban inflation in January 2022 was mainly driven by seasonally higher prices of core food items, especially poultry, eggs, and market rice. Additionally, the monthly headline inflation reflected higher prices of rationed sugar in accordance with the Ministry of Supply and Internal Trade announcement as well as higher prices of volatile food items.

This was further supported by higher prices of non-food items, which mainly reflected an increase in rental values for the third consecutive month and the higher prices of retail items, among others.

On an annual basis, the increase in headline inflation during January 2022 was driven by the higher annual contribution of food items and further supported by higher non-food items’ contribution.

The increase in food items’ contribution came as annual food inflation continued with the upward trend that started in May 2021 (except for November 2021) to record 12.4% in January 2022, compared to 8.4% in December 2021, which is the highest recorded rate since May 2019.

On the other hand, the increase in non-food items’ contribution came as annual non-food inflation increased for the third consecutive month to 5.1% in January 2022 from 4.8% in December 2021.

Driven by broad-based higher annual contribution, annual core inflation also increased for the fifth consecutive month to record 6.3% in January 2022 compared to 6.0% in December 2021. This comes as monthly core inflation recorded 0.8% in January 2022 compared to 0.5% in January 2021.

Furthermore, the annual headline inflation increased to 8% in January 2022, from 6.5% in December 2021. The rural inflation also jumped from 7.1% to 8.7% in the comparison period.

Prices of fresh vegetables also increased by 4.1%, while prices of fresh fruits declined by 1.1%. Together, they contributed by 0.10% to monthly headline inflation.

Additionally, prices of poultry increased by 4.0% after declining for two consecutive months to contribute by 0.15% to monthly headline inflation.

The prices of eggs increased 5.3% to contribute 0.06% to monthly headline inflation as well.

Moreover, the prices of market rice increased by 3.6%, recording the highest increase since December 2018 to contribute by 0.03% to monthly headline inflation.

The prices of red meat also increased 0.6% to contribute 0.02% to monthly headline inflation.

The prices of Fish and seafood increased 0.7% to contribute 0.01% to monthly headline inflation as well.

The prices of other core food items — including dairy products, pasta, pulses, market sugar, fats, and other edible oils — also increased to contribute by 0.09% to monthly headline inflation.

Additionally, the prices of regulated items increased 0.7% to contribute 0.17% to monthly headline inflation. This was mainly due to the increase in rationed sugar prices, as announced by the Ministry of Supply and Internal Trade, as well as the increase in tobacco prices.

Furthermore, the prices of services increased by 0.4% to contribute by 0.15% to monthly headline inflation. This was mainly due to higher rental values and expenditures on restaurants and cafes.

The prices of retail items also increased 0.4% to contribute 0.06% to monthly headline inflation. This was mainly due to higher prices of clothing, household cleaning products, and personal care products.

Additionally, monthly core inflation was affected by the price changes of the aforementioned core CPI items. Core food items contributed 0.52% to monthly core inflation.

Services also contributed by 0.21% to monthly core inflation, and retail items contributed by 0.08%.

You Might Also Like

Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba

Could this be the year for Tobacco Harm Reduction?

Strong presence of Egypt’s real estate developers in MIPIM in Cannes

Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment

Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom

TAGGED: CBE, inflation
Share this Article
Facebook Twitter Email Print
Previous Article Senate submits draft law to toughen penalties on cyber-extortion
Next Article Egypt, France sign development finance agreements worth €1.7bn in 2021
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?