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Record-High Inflation Sweeps Across Egypt

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Inflation in Egyptian cities in March rose to 32.7% year on year from 31.9% in February, according to the Central Agency for Public Mobilization and Statistics.

With these statistics, inflation is close to the highest level ever recorded in July 2017, which at that time reached 32.95%, as the data was below the average analysts’ forecast.

The rise in inflation was driven by a 62.9% year-on-year increase in food and drink prices in March. Egypt is suffering from rising prices for goods and services as a result of the dollar’s appreciation and lack of abundance, while the country is heavily dependent on imports for its basic needs.

The Central Bank of Egypt also allowed the devaluation of the pound sterling against the dollar. The sterling exchange rate reached 32 pounds to the dollar in January before the currency settled above the 30 pounds level, compared to about 27.65 pounds at the end of 2022. The inflation rate in the cities increased monthly. during March by 2.7%. Monthly inflation in cities increased by 6.5% in February.

Source: agencies

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