Egypt: Inflation rises in April following March's notable devaluation
May 10, 2016
In April, consumer prices rose 1.3% over the previous month, which came in slightly below the 1.4% increase recorded in March. According to the Central Bank, the rise mainly reflected higher prices for food and several retail items.
Inflation rose from 9.0% in March to 10.3% in April, which marked the first increase since November 2015 and the highest reading in four months. While the government is taking efforts to reduce inflation and to stem the outflow of foreign exchange, with measures including price controls and import quotes, March’s notable devaluation of the pound added to inflationary pressures. Meanwhile, annual average inflation inched down from 10.1% in March to 10.0% in April. Core inflation, which excludes volatile items such as fresh fruit and vegetables, jumped to 9.5% in April from 8.4% in March.