11 Apr 2023; MEMO: Egypt's annual urban consumer inflation rate in March increased to 32.7 per cent, up from 31.9 per cent in February, data from the Central Agency for Public Mobilisation and Statistics (CAPMAS) showed yesterday.
The monthly headline urban consumer price index (CPI) registered 2.7 per cent in March, down from 6.5 per cent in February, but up from 2.2 per cent in the same month a year earlier.
According to CAPMAS, Egypt's annual headline inflation rate surged to 33.9 per cent in March 2023, up from 12.1 per cent in March 2022.
The milder increase in inflation compared to the previous two months partially reflected a slower rise in food prices, regional investment house Naeem said in a research note.
It said it expected a "shift towards disinflation" in April, partly due to food prices cooling off after Ramadan.
Food, medicine and housing have all risen in price as Egypt grapples with surging inflation, the devaluation of the pound and price hikes.
Austerity measures in place since 2016 such as the floating of the Egyptian pound and the slashing of fuel, water and electricity subsidies have hit ordinary Egyptians hard and many are struggling to feed their families.
The coronavirus pandemic, Russia's war in Ukraine and widespread corruption have also contributed towards a mounting economic crisis.
