Skip to main content

Inflation in Egypt at 32.9% in latest spike

The Egyptian government’s inflation statistics in February could prompt an interest rate increase when the central bank next meets.
A pedlar sells roasted corn cobs by the medieval Sultan al-Ghuri Complex (built in 1505) in Azhar district, Cairo, Egypt, Jan. 16, 2023.

Inflation in Egypt rose considerably in February, the Egyptian government said on Thursday.

The Egyptian Central Agency for Public Mobilization and Statistics said that annual headline inflation reached 32.9% in February, up from 25.8% in January. The year-on-year increase was even higher. Inflation was just 10% in February last year, according to a press release.

The agency primarily attributed the increase to rising food prices in February:

  • meat prices rose 29.7%
  • seafood rose 19.5%
  • dairy rose 11.1%
  • fruit rose 10.8%
  • bread prices rose 9.2%
  • vegetables rose 5.3%

Why it matters: Inflation in Egypt has risen considerably in the past year, in large part due to the supply chain shocks resulting from the Russian invasion of Ukraine. A year into the war, inflation appears to be getting worse. Average Egyptians are struggling with price increases of bread, tomatoes and other basic foods, Amr Emam reported for Al-Monitor from Giza in January.

The Central Bank of Egypt raised interest rates a few times in 2022 in an effort to curb inflation, including in December. However, the bank decided to not raise rates during its February meeting. The bank’s Monetary Policy Committee said they wanted time to “assess the impact” of previous rate hikes at the time.

What’s next: The Egyptian Central Bank will deliberate again on interest rates on Mar. 30. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in


The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.


What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

We also offer team plans. Please send an email to and we'll onboard your team.

Already a Member? Sign in