The annual core inflation rate reached 35.1% in February 2024, compared to 29% in January 2024. The monthly inflation rate for the whole country surged to 11% in February 2024, compared to 1.7% in January 2024. CAPMAS said that the general Consumer Price Index for the whole country was 219.4 points in February 2024, indicating an annual inflation rate of 36%, compared to 31.2% in January 2024. The committee said in its statement that it was necessary to speed up the monetary tightening process to reduce inflation and ensure a decline in monthly inflation rates, stressing the importance of controlling inflation expectations. External factors arising from global inflationary pressures have continued to build up along with successive shocks to the global economy.

Source: Daily News Egypt March 11, 2024 14:43 UTC