Egypt's annual urban inflation rate drops to 33.1% in March

CAIRO - 8 April 2024: According to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's annual urban consumer price inflation rate witnessed a decline to 33.1 percent in March, as compared to 36 percent in February.

 

Egypt's general consumer price index (CPI) reached 221.6 points in March 2024, with the monthly inflation rate standing at 1 percent during the same period, in contrast to 11 percent in February 2024.

 

The decrease in inflation was due to decrease in prices of cereals and bread decreased by 0.3 percent, vegetables witnessed a decline of 3.5 percent, and personal effects experienced a reduction of 4.1 percent. Conversely, there were increases in the prices of meat and poultry by 2.3 percent, fish and seafood by 0.7 percent, and dairy products by 0.7 percent.

 

Moreover, prices of cheese and eggs saw a rise of 1.6 percent, while fruits recorded an increase of 0.8 percent. The prices of sugar and sugary foods climbed by 1.1 percent, while coffee and tea witnessed a 1.3 percent surge. Ready-made clothing prices rose by 1.1 percent, shoes by 1.9 percent, and actual housing rent by 1.9 percent.

 

Furthermore, there were increases in the prices of housing maintenance and repair by 0.8 percent, electricity, gas, and other fuel materials by 1.2 percent, furniture, carpets, and other floor coverings by 1.1 percent, household appliances by 1.6 percent, and medical products, appliances, and equipment by 2.6 percent. Outpatient services experienced a rise of 1.4 percent, hospital services by 1.5 percent, vehicle purchases by 2.4 percent, transportation services by 3.6 percent, postal services by 5.7 percent, organized tourist trips by 6.2 percent, ready meals by 3.4 percent, hotel services by 2.9 percent, and personal care by 1.5 percent.

 

Prior to the data release, a survey of analysts had predicted that annual inflation would reach an average of 36.3 percent. This projected increase was attributed to various factors, including the adjustment of prices following a currency devaluation, an interest rate hike in early March, and a subsequent increase in fuel prices two weeks later.