Egypt: Inflation rises to a three-month high in February
March 10, 2019
In January consumer prices rose 1.7% compared to the previous month, up from the 0.6% rise in January and representing the highest month-on-month increase since October. A large increase in fruit and vegetable prices stoked the overall price increase in February.
Inflation accelerated to 14.4% in February from 12.7% in January, marking the highest reading since November and remaining outside of the Central Bank of Egypt’s Q4 2020 target range of 9.0% plus or minus three percentage points. Core inflation accelerated to 9.2% in February from 8.6% in January. Meanwhile, annual average inflation slowed to 14.0% from 14.1%.
Egypt Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 12.1% in calendar year 2019, which is down 0.4 percentage points from last month’s forecast, and 10.8% in calendar year 2020.
Author: Edward Gardner, Economist