Egypt's inflation inched up in April, the second consecutive month it has posted an increase, driven by a rise in food and beverages and a cut in fuel subsidies required under an International Monetary Fund programme.
Inflation in the Arab world's most populous country rose to 13.9 per cent last month, compared to 13.6 per cent in March, Egypt's Capmas statistics bureau said on Saturday.
That is significantly down from April last year, when inflation was at 32.5 per cent. Egypt's inflation peaked at 38 per cent in September 2023.
On a monthly basis, inflation slowed to 1.3 per cent from 1.6 per cent.
Food and beverages – the biggest component of the consumer price index – recorded an increase of 6.2 per cent and were the “most important reasons” for the rise, Capmas said.
This was particularly driven by the higher cost of fruit, which shot up 62 per cent, it added.
Health care, and transport and communications logged the biggest increases both on an annual and monthly basis. Compared to April 2024, they soared 34.5 per cent and 33.7 per cent, respectively.
The second monthly increase in inflation follows a period of relative stability in February, when inflation dropped sharply to 12.8 per cent, its lowest level since March 2022, from 23.2 per cent in January.
Egypt's economy has faced several challenges over the past few years, grappling with rising inflation, foreign exchange shortages and elevated debt levels.
The country has been stabilising, aided by an $8 billion IMF loan package expected to boost the country's flagging economy, which has also been affected by the Israel-Gaza war.
The IMF in March completed the fourth review of Egypt's $8 billion Extended Fund Facility loan, allowing the country to immediately draw about $1.2 billion – bringing total disbursements under the programme, approved in December 2022, to about $3.2 billion.
Egypt’s Prime Minister Mostafa Madbouly said that, under the IMF programme, more subsidy cuts on fuel, bread, diesel, electricity and water would be implemented in the new fiscal year. He also confirmed that a round of salary increases would also come into effect.
Egypt announced significant fuel price increases in April, with rates rising between 11.7 per cent and 33.3 per cent in different categories.
The country's credit rating has also improved, with S&P Global and Fitch last year upgrading its long-term ratings.
In 2024 the World Bank also committed to providing Egypt with $6 billion in financing over the next three years.
Last month the Egyptian government unveiled its 2025-2026 national budget, which projects record spending and revenue levels while relying heavily on continued borrowing and subsidy reductions to meet its commitments.
Economists have warned that tariffs imposed by the US could raise import prices for Egypt, which in turn might cause another inflation headache.
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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