Why does Egypt have high inflation?
According to the Central Bank of Egypt (CBE), the monthly headline urban inflation in September was mainly driven by food items. Driven by the higher annual contribution of core food items, Egypt’s annual core inflation increased in September 2021 to 4.8% from 4.5% in August 2021, the CBE revealed.
What was the result of the Egyptian revolution?
After the revolution against Mubarak and a period of rule by the Supreme Council of the Armed Forces, the Muslim Brotherhood took power in Egypt through a series of popular elections, with Egyptians electing Islamist Mohamed Morsi to the presidency in June 2012, after winning the election over Ahmed Shafik.
Is the Egyptian economy improving?
Economic growth in Egypt for 2022 is projected to reach 5.4%, which follows Egypt’s ability to be one of a handful of countries to achieve positive growth in 2020. “For the current fiscal year, Egypt’s growth is projected to be 5.4%.”
Does Egypt have hyperinflation?
2017 saw the Egyptian inflation rate skyrocket from 10.2 percent in 2016 to more than double that at 23.5 percent….Egypt: Inflation rate from 1986 to 2026 (compared to the previous year)
| Characteristic | Inflation rate compared to previous year |
|---|---|
| 2020 | 5.7% |
| 2019 | 13.88% |
| 2018 | 20.85% |
| 2017 | 23.53% |
What is the inflation rate in Egypt?
The Central Bank of Egypt aims to achieve an inflation rate of 7 percent (±2) percentage points on average during the fourth quarter of 2022.
What is the highest interest rate in Egypt?
Interest Rate in Egypt averaged 11.72 percent from 1991 until 2022, reaching an all time high of 21.40 percent in October of 1991 and a record low of 8.25 percent in September of 2009.
What are some major events that happened in Egypt?
BCE
- 3100 – The Egyptians develop hieroglyphic writing.
- 2950 – Upper and Lower Egypt are united by Menes, the first Pharaoh of Egypt.
- 2700 – Papyrus is developed as a writing surface.
- 2600 – The first pyramid is built by the Pharaoh Djoser.
- 2500 – The Sphinx and the Great Pyramids of Giza are constructed.
What is the revolution Egypt called?
The Egyptian Revolution of 1952 (Arabic: ثورة 23 يوليو 1952), also known as the 23 July Revolution, was a period of profound political, economic, and societal change in Egypt that began on 23 July 1952 with the toppling of King Farouk in a coup d’etat by the Free Officers Movement, a group of army officers led by …
How is Egypt doing economically?
Egypt’s economic growth has been strong and resilient since the economic reforms initiated in 2016. It is one of the few African countries expected to record a positive growth in 2020, at 3.6%, despite the adverse impact of the COVID–19 pandemic.
What is the current inflation rate for 2020?
As measured by the CPI, the annual rate of inflation from October 2020 to October 2021 was 6.2 percent. As measured by the PCE deflator, the annual rate of inflation from September 2020 to September 2021 (the most recent available data) was 4.4 percent.
What is the current interest rate in Egypt?
8.25%
Egypt has lowered its interest rates by 0.5 percentage points, from 8.75% to an annual rate of 8.25%. The key rates a tool used by Central Banks to implement monetary policy….Interest rates fall in Egypt.
| Date | Key rates |
|---|---|
| 11/16/2020 | 8.25% |
| 09/28/2020 | 8.75% |
| 03/17/2020 | 9.25% |
| 11/18/2019 | 12.25% |
When was Egypt inflation rate last updated?
Egypt Inflation Rate – data, historical chart, forecasts and calendar of releases – was last updated on January of 2022. Inflation Rate in Egypt is expected to be 5.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.
What is the inflation rate in Egypt in 2021?
The annual inflation rate in Egypt increased to 5.9% in December of 2021 from 5.6% in November, but below market expectations of 6.1%. Still, the inflation rate remained well within the central bank’s target range of 5 percent-9 percent.
What is the Consumer Price Index in Egypt?
In Egypt, the headline Consumer Price Index (CPI) measures the change in the cost of a fixed basket of goods and services that are purchased by a representative sample of households from urban areas, which include Cairo, Alexandria, urban Lower Egypt, urban Upper Egypt, Canal cities and Frontier governorates.