Arab Finance: Egypt’s headline inflation may accelerate to around 37% in the third quarter (Q3) of 2023 amid risk of further currency devaluation and rising prices of subsidized goods, Bloomberg reported on June 10^th, citing Farouk Soussa, an economist at Goldman Sachs Group Inc.

On June 10^th, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt's annual headline inflation rate climbed to 33.7% in May, compared to 15.3% in the same month of 2022.

It is worth noting that the Central Bank of Egypt (CBE) targets inflation at 7%, ±2 percentage points, on average by the fourth quarter of 2024.

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