According to figures released on Thursday by the nation's official statistics agency CAPMAS, Egypt's annual urban consumer inflation rate increased to a five-year high of 18.7 percent in November.
The inflation rate, which increased from 16.2 percent in October, was the highest since it reached 21.9 percent in December 2017. After the currency was devalued in October and import restrictions persisted, prices shot up.
According to a note from Naeem Brokerage given to Reuters, the increase was due to a continuation of the month-over-month inflation spike, with prices rising by 2.3 percent as opposed to 2.6 percent in October.
According to Naeem, supply shortages and increasing production expenses were the main factors behind the monthly increase.
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