Egypt: Annual inflation hits five-month high in March
April 10, 2015
In March, consumer prices increased 1.5% over the previous month, which was below the 1.9% rise recorded in February. According to the Central Agency for Public Mobilization and Statistics, the increase was driven by higher prices for housing and utilities as well as for food and non-alcoholic beverages. Prices in most other categories increased, although at a slower rate compared to the previous month.
Annual inflation jumped from 10.6% in February to 11.5% in March. This marked the highest result since October of last year when inflationary pressures surged due to the government’s energy subsidy cuts. March’s reading confirms that inflation remains stubbornly-high as the government continues to attempt to boost economic growth. Annual average inflation increased from 10.0% in February to 10.2% in March.
Author: Carl Kelly, Economist