Egypt's Headline Inflation Rate Jumps to 32.7% in March

Egypt’s annual urban consumer inflation rate in March climbed to 32.7% year-on-year, just shy of an all-time record, from 31.9% in February, data from the country’s statistics agency CAPMAS showed on Monday.

Month-on-month, urban inflation slowed to 2.7% in March from 6.5% in February and 4.7% in January.

Egypt’s surging inflation rate follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency, and continuing delays in getting imports into the country.

Egypt, which secured a $3 billion financial support package from the International Monetary Fund in December, has devalued its currency by half since March 2022 after the fallout from Russia’s invasion of Ukraine exposed vulnerabilities in its economy.

Source : Egypt’s Headline Inflation Rate Jumps to 32.7% in March