By Tuba Sahin
ANKARA (AA) - Egypt's annual urban inflation hit a five-year high in December 2022, according to data released by the country's statistical office on Tuesday.
The figure was up from 18.7% in November 2022 and exceeded the market forecast of 20.9% for the month, CAPMAS data showed.
Annual urban inflation data stood above the central bank's target of 5-9% for the 10th month in a row.
The rise in main reading was led by a price hike of 37.9% in food and non-alcoholic beverages.
On a monthly basis, consumer prices rose 3.16% in December to hit an eight-month high.