CBE Says Egypt’s Core Inflation Rise to a Record 40.26% in Feb.

On Saturday, the Central Bank of Egypt (CBE) announced that the core inflation rate rose by 40.26 percent in February on an annual basis from 31.24 percent in January.

In a statement, the CBE explained that the main consumer price index recorded a monthly rate of 8.1 percent in February 2023, compared to 1.2 last February.

Every 10 percent rise in the US dollar exchange rate price in Egypt has an effect on inflation in the form of a rise of one percent, on average.

This is usually reflected in emerging markets and imports whose bills are paid in US dollar.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that the annual consumer price inflation in Egypt’s cities jumped more than expected, reaching 31.9 percent in February, the highest level in five and a half years, after it recorded 25.8 percent in January.