Cityscape in Egypt

Egypt Inflation March 2024

Egypt: Inflation unexpectedly falls in March

Inflation eased to 33.4% in March, below February’s 35.7%. March’s moderation surprised markets, as an acceleration had been anticipated following the recent plunge of the pound against the USD; the Central Bank recently floated the currency. Looking at the details of the release, the cooling of price pressures was primarily due to a softer rise in prices for food and non-alcoholic beverages. In addition, price pressures for transportation also rose at a slower rate.

Still, the trend was unchanged, with annual average inflation coming in at February’s 34.4% in March. Meanwhile, core inflation fell to 33.7% in March, from February’s 35.1%.

Finally, consumer prices rose 0.98% over the previous month in March, moderating from the record-high of 11.35% increase logged in February. March’s result marked the weakest reading since August 2022.

Our Consensus is for average inflation to gradually moderate through calendar year 2028. However, our panelists do not expect average inflation to fall back within the Central Bank of Egypt’s 5.0–9.0% target band before the end of our forecast horizon in Q4 2025; a weak pound, 1 March’s 50% minimum wage hike and the government’s recent move to raise petrol and diesel prices will continue to drive price pressures for some time.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest