The Central Agency for Public Mobilization and Statistics (CAPMAS) announced a 1 percent increase in Egypt’s inflation rate in May compared to the previous month of April، recording 311.1 points.
In its monthly report on Monday، CAPMAS said that the rate of inflation on a year-on-year basis rose to 13.2 percent in May from the same month in 2018، which was 11.5 percent.
CAPMAS attributed the hike in inflation on a monthly basis to the increase of fruits prices by 18.1 percent، fish and sea food by 1.2 percent; cereals and bread by 0.7 percent; ready-made clothes by 1.3 percent، and organized tours by 5.5 percent.
The International Monetary Fund (IMF) expected Egypt’s inflation to decline to 20.9 percent in 2018, compared to 23.5 percent in 2017, anticipating it to reach 14 percent in 2019 and 7 percent in 2023.
Inflation surged in Egypt since the flotation of the Egyptian pound in November 2016, reaching a high record level in July due to energy subsidy cuts, and gradually easing since July.
Egypt targets an inflation rate of 13 percent in its fiscal year 2018/2019 budget.