Egypt: Inflation drops in February
March 15, 2016
In February, consumer prices rose 1.0% over the previous month, which came in above the 0.1% increase recorded in January. According to the Central Agency for Public Mobilization and Statistics, the result was mainly driven by higher prices for food and non-alcoholic beverages as well as for housing and utilities.
Inflation fell from 10.1% in January to 9.1% in February, which marked the lowest reading in six months. According to the Central Bank, February’s fall mainly resulted from a statistical base effect. Meanwhile, annual average inflation inched down from 10.4% in January to 10.3% in February. Core inflation, which excludes volatile items such as fresh fruit and vegetables, came in at 7.5% in February, which was down from the 7.7% tallied in January.