RIYADH: The annual rate of inflation in Egypt's urban areas grew 7.3 percent in January, latest data showed, with the main driver soaring food and beverage prices.
Data posted by the Central Agency for Public Mobilization and Statistics, also known as CAPMAS, on Feb. 10, 2022. revealed food and beverage prices jumped 12.4 percent year-on-year and were the main driver of inflation in January.
The annual inflation accelerated significantly compared to December when it was 5.9 percent.
The 4.9 percent growth in prices for transportation and 4.7 percent rise in prices for housing, water, electricity and gas also contributed to headline inflation.
On a monthly basis, consumer prices rose 0.9 percent.
Again, growth was driven mainly by the 2.1 percent increase in food and beverages prices.
Prices for household furnishings and equipment as well housing, water, electricity and gas increased by 0.8 and 0.6 percent, respectively.
The January 7.3 percent inflation figure also came in much higher than the 6.7 percent median projection by analysts polled by Bloomberg.