Inflation in Egypt increased considerably in March, hitting 33.9%, the Egyptian government said on Monday. The increase exceeded that of the previous month and follows the Egyptian Central Bank raising interest rates to no avail.
Annual headline inflation nearly tripled year-on-year, from 12.1% in March of 2022. Inflation is largely being driven by rising food prices. Food and beverage prices increased 62.7% on the year during March, according to the Central Agency for Public Mobilization and Statistics.
