STORY: Egypt's inflation up to 38 pct in September
DATELINE: Oct. 11, 2023
LENGTH: 00:01:17
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of markets in Egypt (file)
2. various of restaurants in Egypt (file)
3. various of markets in Egypt (file)

STORYLINE:

Egypt's annual urban consumer price inflation rose to 38 percent in September from 37.4 percent in August 2023, Egypt's official statistics authority said on Tuesday.
   
Monthly prices of food and beverages climbed by 3.6 percent, vegetables by 19.2 percent, fruits by 5.4 percent, and sugar by 2.9 percent, Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) said.
   
Egypt has been struggling to curb the inflation rates that have been rising over the past few years, amid local currency depreciation and foreign currency shortage.
   
On Monday, Egypt's Prime Minister Mostafa Madbouly said the government will reduce the prices of seven basic food commodities by 15 percent to 25 percent, adding that "containing inflation and controlling the rise in prices of food commodities constitute a priority for the government."

The International Monetary Fund (IMF) has increased its projections for Egypt's real GDP growth in 2023 to 4.2 percent, up from the 3.7 percent it expected in July, according to the World Economic Outlook (WEO) report issued by the fund on Tuesday.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)