Egypt: Inflation declines for seventh consecutive month in February
March 8, 2018
In February, urban consumer prices rose 0.29% from the previous month, contrasting January’s 0.06% decline. February’s increase was driven by higher prices for food and non-alcoholic beverages—particularly poultry and rice--which were partially offset by seasonally lower prices for clothing and footwear.
Urban inflation continued to drop sharply, falling from 17.1% in January to 14.4% in February, marking the seventh consecutive decrease and the lowest figure since October 2016. Core urban inflation moved in lockstep, falling to 11.9% from 14.4% in the prior month, with both indicators affected by favorable base effects and tight monetary conditions. Meanwhile, annual average inflation fell from 28.4% in January to 26.9% in February.
Author: Oliver Reynolds, Economist