Inflation & Prices
Egypt Inflation Made Surprise Surge Even Before FX Plunge
- Food and beverage prices rose almost 17% on the month
- Central bank says its main focus is controlling price growth
Egyptian consumer price growth had been gradually slowing since hitting record highs last summer amid the country’s worst economic crisis in decades.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egyptian inflation unexpectedly accelerated in February, a trend that may continue after a much-anticipated flotation of the pound aimed at turning around the troubled economy.
Consumer prices in urban parts of the North African country rose by an annual 35.7% last month compared with 29.8% in January, the state statistics agency CAPMAS said Sunday. Prices were up 11.4% month on month — a record, according to data compiled by Bloomberg News stretching back to 2007.