Egypt's headline inflation soars to 31.9 percent in February

Middle East
09-03-2023 | 04:31
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Egypt's headline inflation soars to 31.9 percent in February
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Egypt's headline inflation soars to 31.9 percent in February

Egypt's annual urban consumer inflation rate in February leapt to a higher-than-expected 31.9 percent, its highest in five and a half years, from 25.8 percent in January, data from statistics agency CAPMAS showed on Thursday.
 
The soaring inflation follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting imports into the country.

The Egyptian pound has fallen by nearly 50 percent since March.
 
February inflation was the highest since August 2017, nine months after another steep devaluation, when it reached 31.92 percent.

Economists had expected a reading of 26.7 percent, according to the median forecast in a Reuters poll of 14.

Six analysts forecast that core inflation, due to be released later on Thursday, would climb to 32.85 percent from 31.24 percent in January.

The high February inflation number adds renewed pressure on the central bank's Monetary Policy Committee (MPC) to raise interest rates when it meets on March 30.
 
At its last meeting on Feb. 2, the MPC kept its lending rate at 17.25 percent and the deposit rate at 16.25 percent, saying its hikes of 800 basis points over the last year should help to tame inflation.
 

Egypt

Headline

Inflation

Soars

February

Economy

Currency

Data

Statistics

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