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Egypt's annual inflation rate up to 11.8% in March

The most significant contributor to inflation was food and beverages, on which Egyptian households spend almost half their income

Ahram Online , Thursday 9 Apr 2015
fruit vendor
In this Monday, March 9, 2015 photo, a fruit vendor waits at a local market in Sixth of October city, a suburb southwest of Cairo, Egypt (Photo: AP)
Views: 2479
Views: 2479

Egypt's annual inflation rate rose to 11.8 percent in March, compared to 10.6 percent in February, state statistics agency CAPMAS announced on Thursday.

This brings annual inflation back to its October peak following fuel subsidy cuts in July that triggered up to a 78 percent rise in prices at the pump.

Core inflation also accelerated to 7.21 percent in March from 7.15 percent the previous month, shows central bank data released on Thursday.

Urban inflation accelerated to 11.5 percent in March compared to the same period a year earlier, whereas rural inflation quickened to 12.1 percent.

The most significant contributor to the price hike was food and beverages, on which Egyptian households spend almost half their income according to an earlier statement by the Social Solidarity Minister Ghada Wali.

The inflation rate for food and beverages contributed 40 percent to the annual consumer prices index basket, rising by 9.3 percent in March year on year, shows a CAPMAS report.

Egypt's lending interest rate and deposit interest rate are at 9.75 percent and 8.75 percent respectively.

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