This rate is the highest in three years and exceeds the limit set by the Central Bank of Egypt at 7 percent (±2 percent) through the fourth quarter of 2022.

CAPMAS attributed the increase in the annual inflation rate mainly to the rise in vegetable prices by 19.6 percent, meat and poultry by 6.1 percent, and fruits by 5.5 percent.

For the rise in the monthly inflation rate, CAPMAS said it was driven by the hike in the prices of food and beverages by 5.3 percent.

Markets globally, including in Egypt, are expected to witness a rise in inflation rates, which were already on an upturn, due to the pandemic and the Russian-Ukrainian conflict, in addition to the significant increase in oil prices.

On 24 March, the Central Bank of Egypt’s Monetary Policy Committee is scheduled to hold its second meeting in 2022 to review the key interest rates in light of the recent updates regarding local macroeconomic indices, particularly the inflation rates and global economic developments.

JP Morgan predicted on Wednesday that the Ukraine war and other ongoing challenges would extend the period of high inflation.

In March, the US Federal Reserve’s (FED) Chair Jerome Powell said that the FED is on track to raise the interest rates in March to curb the inflation, which rose to its highest levels in nearly 40 years.