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  • Updated: April 11, 2022

Egypt's Urban Inflation Accelerates To 10 Percent In March

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Quadri Adejumo
Quadri Adejumo

Quadri Adejumo is a reporter, sports column writer, opinion and profile writer. He tweets via @...

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Egypt's annual urban consumer price inflation accelerated in March to 10.5%.

This is the highest in nearly three years and faster than analysts had expected according to the data from the state statistics agency CAPMAS.

The Reuters reports that the inflation figure, up from 8.8% in February, was greater than a median forecast of 10%.

The price increases were caused in part by commodity shortages after the Russian invasion of Ukraine, sending inflation above the central bank's 5-9% target and its 9.25% overnight lending rate.

Radwa El Swaify of Pharos Securities Brokerage said in a statement that; "The rise in inflation trends is widely expected and will peak by August 2022, after which it will start to normalise."

CI Capital's Sara Saada, also said the government was expected to increase fuel prices this month.

She said; "Accordingly, we expect monthly inflation to peak in April to record annual inflation between 12.5-13%, which reflects higher petroleum products prices."

Also, Naeem Research said the increase was largely attributable to higher commodity prices, and devaluation of the currency on March 21.

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Quadri Adejumo
Quadri Adejumo

Quadri Adejumo is a reporter, sports column writer, opinion and profile writer. He tweets via @...

More From this Author

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