LBCI

Egypt's headline inflation soars to 31.9 percent in February

Middle East

09-03-2023 | 05:31

Share

Share

Egypt's headline inflation soars to 31.9 percent in February

2^min

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

Subscribe to our VOD

SUBSCRIBE

Our visitors readings

Deadly dawn in south Lebanon: 11 killed in Israeli strikes on Ansar and Deir el-Zahrani

News Bulletin Reports

13:15

Deadly dawn in south Lebanon: 11 killed in Israeli strikes on Ansar and Deir el-Zahrani

Germany to send troops to Greenland, coveted by Trump

2026-01-14

Germany to send troops to Greenland, coveted by Trump

Major wildfire breaks out in Aitou forest in northern Lebanon: Video

07:48

Major wildfire breaks out in Aitou forest in northern Lebanon: Video

USS Abraham Lincoln carrier heads to Middle East: A show of force or a message of deterrence?

News Bulletin Reports

2026-01-17

USS Abraham Lincoln carrier heads to Middle East: A show of force or a message of deterrence?

Videos

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

2026-08-06

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

2026-07-24

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

2026-07-20

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

Massive Israeli strikes hit South Lebanon under ceasefire conditions

2026-06-19

Massive Israeli strikes hit South Lebanon under ceasefire conditions

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

2026-06-16

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

Most read

24 hours

7 days

Month

Deadly dawn in south Lebanon: 11 killed in Israeli strikes on Ansar and Deir el-Zahrani

1

Deadly dawn in south Lebanon: 11 killed in Israeli strikes on Ansar and Deir el-Zahrani

Israel wants 'more serious' talks with Lebanon: AFP

2

Israel wants 'more serious' talks with Lebanon: AFP

Hezbollah blames Netanyahu for escalation after strikes kill 11 in south Lebanon

3

Hezbollah blames Netanyahu for escalation after strikes kill 11 in south Lebanon

Israel says Lebanon strike targeted Hezbollah commander

4

Israel says Lebanon strike targeted Hezbollah commander

Israel says Lebanon strikes a response to Hezbollah ceasefire violation

5

Israel says Lebanon strikes a response to Hezbollah ceasefire violation

Major wildfire breaks out in Aitou forest in northern Lebanon: Video

6

Major wildfire breaks out in Aitou forest in northern Lebanon: Video

Health Ministry: 11 killed, 19 wounded in Israeli strikes on Deir el-Zahrani and Ansar

7

Health Ministry: 11 killed, 19 wounded in Israeli strikes on Deir el-Zahrani and Ansar

Netanyahu’s office says Hezbollah attack wounded three Israeli soldiers

8

Netanyahu’s office says Hezbollah attack wounded three Israeli soldiers

Download now the LBCI mobile app

To see the latest news, the latest daily programs in Lebanon and the world

Google Play

App Store

Download now the LBCI mobile app

We use
cookies

We use cookies to make
your experience on this
website better.

Accept

Learn More