Egypt’s annual inflation rate up in March – Report

Egypt’s annual urban consumer inflation rate in March rose to 32.7% year-on-year, from 31.9% in February, according to data from the country’s statistics agency.

Month -on-month, urban inflation slowed to 2.7% in March from 6.5% in February.

Egypt has seen surging inflation since 2022 precipitated by currency devaluations, a dollar shortage and difficulties getting imports into the country.

The north African country has devalued its currency since March of 2022. Devaluation was one of the the conditions set by the IMF before granting Cairo a $3 billion bailout loan.

The increase was driven by a rise in food prices linked to Ramadan-related high seasonal demand, the impact of currency devaluation, particularly in the informal market, and the effect of a raw material shortage.

Egypt’s highest inflation rate ever was 32.952%, reached in July 2017. It also followed a currency devaluation advised by the IMF.

Kindly give us two minute from your time to follow our social handles... Click on social media logo below to follow...Thanks

About Zacnetwork

Zacnetwork
I'm Zaccheaus Adeyemi Ogunwale by name, a computer scientist with multimedia art/lens skills. A CEO of Zacnetwork/Naijatrackz subcidiary of Zac Media House. Zacnetwork ✅ A computer scientist that specialize in blogging, Promotion and Distribution of songs, both in Locals and internation Digital Music Platforms, Also to the Top Website, Instagram, Twitter PR, Broadcasting Audiomark Promotion. NaijaTrackz/Gospelnoise ✅ Specialised in Entertainment platform that provide a unique latest news of celebrities, download of latest musics. Finally, I'm CEO of Zacnetwork.org for 3years,now, expands to naijatrackz.com.ng or gospelnoise.com

Check Also

South Africa’s Ramaphosa to sign health insurance bill into law

0share Facebook0 Twitter0 LinkedIn0 Reddit0 Email0 South Africa’s President Cyril Ramaphosa is set to sign …

Leave a Reply

Share via
Send this to a friend