 |
Egypt’s annual inflation surged in February.
According to Capmas statistics on the 10th (local time), Egypt’s annual urban consumer price inflation surged from 29.8% in January to 35.7% in February, fueled by rising food and beverage prices.
The central bank stated that core inflation, excluding fuel and some volatile foods, rose from 29% in January to 35.1% in February.
Egypt’s inflation surge occurred ahead of a sharp rise due to the currency’s depreciation last week. Also, the central bank has depreciated the Egyptian pound, fixed at 30.85 for the past 12 months, to approximately 50 dollars.
 |
Prices rose from 1.6% in January to 11.4% in February, and food prices rose from 1.4% in January to 15.9% in February.
On the other hand, according to a poll of 14 analysts, February inflation was expected to slow to a median of 25.1%.
Egypt’s inflation rate has been falling from a record high of 38.0% in September until February.
Allen Sandeep of NAEEM Brokerage said, “The sharp rise in annual figures is due to the surge in monthly inflation of food (F&B) and non-food items, despite the favorable base year contribution of -5.5%.”
Most Commented