According to recent data released by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s annual inflation rate in February 2024 has surged to 36.0 percent, a significant increase from this January’s rate of 31.2 percent. The consumer price index climbed to 219.4 points during the same period. The rise in inflation can be attributed to soaring prices across various sectors. Key areas experiencing notable increases include meat and poultry (25.0 percent), cereals and bread (14.2 percent), fish and seafood (11.5 percent), dairy products such as cheese and eggs (12.8 percent), and oils and fats (14.1 percent). Egypt’s urban consumer price inflation (CPI) witnessed a significant rise, reaching 35.7 percent in February 2024, up from January’s 29.8 percent. To address the escalating inflation, the Central Bank of Egypt (CBE) has tightened its monetary policy, increasing key interest rates by a total of 19 percent since March 2022. In an effort to stabilize the economy, the CBE implemented an unprecedented six percent interest rate hike during an unscheduled meeting in March 2024, allowing the local currency rate to be subject to market forces. To combat inflation, Egypt has taken measures…
Egypt’s Inflation Hits Record High of 36 Percent as Prices Soar
March 10, 2024
By Belal Nawar
Senior Journalist
