Egypt's annual core inflation records 40.3% in February: CBE

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Thu, 09 Mar 2023 - 05:07 GMT

BY

Thu, 09 Mar 2023 - 05:07 GMT

FILE - CBE

FILE - CBE

CAIRO - 9 March 2023: Egypt’s annual core inflation rate recorded its highest rate ever in February 2023 at 40.3 percent, compared to 31.2 percent in January 2023, the Central Bank of Egypt (CBE) said in a statement Thursday.
 
The Consumer Price Index in Egypt has recorded a monthly rate of 8.1 percent in February, compared to 1.2 percent for the same month last year, and to 6.3 percent in January 2023, the statement added.
 
Core inflation discounts or strips out certain categories that are considered more volatile.
 
Egypt’s annual urban inflation rate rose to the highest level in 5.5 years during February 2023.
 
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced Thursday that the annual urban inflation rate surged in February to 31.9 percent, compared to 25.8 percent in January.
 
According to the state-statistic body’s data, the annual inflation rate rose to 32.9 percent in February 2023, compared to 26.5 percent in January 2023, and 9 percent in February 2022.
 
Egypt is witnessing an inflationary wave that has been accelerating almost every month since the beginning of 2022, as a result of the high costs of importing energy and food, due to the Russian-Ukrainian crisis, and the Corona epidemic crisis.
 
On a monthly basis, inflation recorded 161.3 points in February 2023, recording a 7.1 percent increase compared to January 2022, the CAPMAS said.
 

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