CAIRO, June 9 (Xinhua) -- Egypt's annual inflation rate rose to 15.3 percent in May compared with 4.9 percent in the same month last year, Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Thursday.
On a monthly basis, the inflation rate in May increased by 0.9 percent compared with that of April, the CAPMAS added.
It attributed the year-on-year increase in inflation to price hikes in basic commodities and services like food by 27.9 percent, clothes by 7.9 percent, electricity, and fuel by 8.5 percent, appliances by 6 percent, and transportation by 6.3 percent.
The Central Bank of Egypt raised its interest rates by 200 basis points on May 19, citing rising inflation. The new rise in inflation could have an impact on the bank's monetary policy committee's upcoming meeting later this month for a further increase in interest rates.
Adel Amer, an Egyptian economist, said the acceleration of the inflation rate was expected on the heel of the devaluation of the Egyptian currency.
"The country was forced to import basic needs at international prices while the purchasing power of the Egyptian pound is weakening locally," he told Xinhua.
The expert expected a further increase in the prices since the overpopulation in Egypt is not supported by a parallel increase in domestic production. ■