CAIRO: Egypt’s annual inflation rate rose 0.5 percentage point to 4.9 percent in May, the highest level since December 2020, according to the official statistics agency CAPMAS.

The increase was led by food, with fruit prices rising 9 percent year on year and vegetables by 5.3 percent. Transport prices rose by 1.9 percent.

The Central Bank of Egypt targets an inflation rate of 7 percent, plus or minus two percentage points, by the end of 2022.

“The increase is in line with expectations, particularly in light of higher food and beverage prices, which ensures that prices will continue to rise in the coming period,” Radwa El-Swaify of Pharos Securities Brokerage told Reuters.

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