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Annual Inflation rate hits 10.2% in March

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Exchange rate depreciation, money expansion, supply shortages, recurrent wage increases are attributed to wave of increasing inflation, says IMF’s Toward New Horizons report

Annual Inflation rate registered 10.2% in March, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced in an official report. The Central Bank of Egypt announced, in a separate statement, that the month on month increase of the core Consumer Price Index (CPI) registered 0.7% in March compared to 1.02% in February.

Urban Consumer Inflation increased by 0.68% month on month in March, compared to the 1.03% month on month increase in February.

“The [Urban Consumer] annual rate increased to 9.82 % in March from 9.76% in February,” the CBE statement added.

In CAPMAS’s February report, the annual inflation rate registered 10.2% in February, down from January’s 12.2%.

According to a report issued on 11 April by the International Monetary fund (IMF), “inflation has been structurally high and has risen over the past year as a result of pass-through from exchange rate depreciation, money expansion, supply shortages and recurrent wage increases”.

The CAPMAS report indicated that general food prices and beverages registered a month on month increase of 1.3%. The general prices of foods also rose by 15.8% year on year.

On Wednesday, the cabinet announced a series of discounts on food products and necessary commodities, slated to be implemented in April in order to ease the financial “burden on the citizens” and help them face “the phenomenon of increasing prices”. The discount will range between 10% and 15% and will be implemented in all the branches of consumer complexes that belong to Food Industries Holding Company.

“This comes as part of the [government’s] interest in consumer complexes and the aim to improve them and increase their competitive advantage,” the cabinet added.

 


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