Skip to content
Sign In Subscribe
Economy — Inflation — Monetary Policy — Egypt — Currency — Fuel Prices

Egypt’s Pre-Ramadan Inflation Surge Puts More Rate Hikes in Play

Egypt’s urban inflation accelerated to 31.9% in February, the fastest in over 5 years, as currency devaluations made imports more expensive and sent food prices surging. Central Bank likely to raise interest rates this month.

1 min read
  • Egyptian urban inflation accelerated to 31.9% in February, the fastest in over 5 years.
  • Food and beverage costs increased 61.8% from a year earlier.
  • Inflation likely to accelerate further in short-term due to fuel price hike and Ramadan demand.
  • Egypt devalued its currency 3 times over past year and imports are expensive.
  • Central Bank likely to resume tightening at next meeting March 30.
Egypt’s Pre-Ramadan Inflation Surge Puts More Rate Hikes in Play
Egyptian urban inflation accelerated far faster than expected as a wave of currency devaluations made imports more expensive and sent food prices surging at a record pace.
BloombergMirette Magdy

More in Monetary Policy

More from Economy

Latest