CAIRO - 10 April 2023: Egypt’s annual core inflation rate recorded 39.5 percent in March 2023, compared to 40.3 percent in February 2023, the Central Bank of Egypt (CBE) said in a statement Monday.
The Consumer Price Index in Egypt has recorded a monthly rate of 2.5 percent in March 2023, compared to 3.1 percent in the same month of the previous year and to 8.1 percent in February 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 32.7 percent in March, up from 31.9 percent in February, approaching its highest level ever recorded in July 2017; when it reached 32.95 percent.
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced Monday that the annual inflation rate surged in March 2023 to 33.9 percent, compared to 32.9 percent in February 2023, and 12.1 percent in March 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.