Egypt's urban inflation edges up in September

Cairo: Egypt's annual urban consumer price inflation rose slightly in September, reaching 26.4 per cent from 26.2 per cent in August, according to data released on Wednesday by the country's statistics agency, CAPMAS.

Despite the uptick, the rate remains significantly lower than the 40.3 per cent recorded in September 2023, reports Xinhua news agency.

The year-over-year decline in inflation can be partly attributed to recent economic developments, including a substantial foreign investment influx.

In February, Egypt secured a US$35 billion deal with the United Arab Emirates to develop Ras Al-Hekma, a new resort city on the country's northern coast.

On a month-to-month basis, inflation increased by 2.3 per cent from August to September 2024. CAPMAS attributed this monthly rise primarily to a 5.1 per cent increase in electricity, gas, and fuel prices, as well as a 2.9 per cent rise in food costs.

However, recent hikes in fuel prices and public transportation fares, particularly for the Cairo metro, contributed to the slight monthly increase in inflation.