Inflation in Egyptian cities rose to 32.7% in March on an annual basis, from 31.9% in February, according to data from the Central Agency for Public Mobilization and Statistics.
With these statistics, inflation is close to its highest levels ever recorded in July 2017, which reached 32.95% at the time, as the data came below the average expectations of analysts.
The rise in inflation was driven by a 62.9% year-on-year increase in food and beverage prices in March. Egypt suffers from a rise in the prices of goods and services as a result of the increase in the price of the dollar and its lack of abundance, while the country relies heavily on imports to provide its basic needs.
The Central Bank of Egypt also allowed the devaluation of the pound against the dollar. The exchange rate of the pound reached 32 pounds to the dollar in January, before the currency settled above the level of 30 pounds, compared to about 27.65 pounds it had recorded at the end of 2022. The inflation rate in cities increased on a monthly basis during March by 2.7%. The monthly inflation rate in cities rose in February by 6.5%.
This artricle was originally published by RT.
