CAIRO, Apr 11 (NNN-MENA) – Egypt’s annual inflation reached a record high of 33.9 percent in Mar, the Central Agency for Public Mobilisation and Statistics (CAPMAS), announced yesterday.
During Mar, inflation rose by 3.2 percent on a monthly basis, compared to Feb, 2023, scoring 166.5 points, according to CAPMAS.
CAMPAS attributed the increase in inflation on a monthly basis during Mar, to the increase in the food and beverage sectors by 5.3 percent.
In Mar, Egypt’s Monetary Policy Committee decided to raise the interest rates of the Central Bank of Egypt by 200 basis points, to contain high inflation.
Egypt has been struggling to contain rising inflation over the past years, amid a shortage of foreign currency, caused by the global economic repercussions of the COVID-19 pandemic and the Russia-Ukraine conflict.– NNN-MENA
