Egypt: Inflation continues to moderate in March
April 10, 2016
In March, consumer prices rose 1.5% over the previous month, which came in above the 1.0% increase recorded in February.
Inflation fell from 9.1% in February to 9.0% in March, which marked a second consecutive drop and the lowest reading in seven months. According to the Central Bank, the decrease partly resulted from a favorable statistical base effect. Adding to this, the slowdown in inflation reflected the impact of price controls and quotas on imports implemented by the government in November. The government’s moves are designed to reign in food prices as well as stem the outflow of foreign exchange. Meanwhile, annual average inflation edged down from 10.3% in February to 10.1% in March. Core inflation, which excludes volatile items such as fresh fruit and vegetables, came in at 8.4% in March, which was up from the 7.5% tallied in February.