Egypt: Annual inflation jumps up in February
March 11, 2015
In February, consumer prices increased 1.9% over the previous month, which was above the 1.0% rise recorded in January. According to the Central Agency for Public Mobilization and Statistics, the increase was driven by higher prices in several categories, including housing and utilities, tobacco, and food and non-alcoholic beverages.
Annual inflation jumped from 9.7% in January to 10.6% in February. This marked the highest result since October of last year when inflationary pressures surged due to the government’s energy subsidy cuts. February’s reading suggests that inflation may remain stubbornly high as the government continues to attempt to boost economic growth. Annual average inflation in February held at January’s 10.0%.
Author: Carl Kelly, Economist