- 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.
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.