For the first time in 8 months… core annual inflation rose to 35.1% in February

Written by Manal Al-Masry:

The annual rate of core inflation rose to 35.1% in February 2024 from 29% in the previous January 2024, for the first time in 8 months, according to data published on the Central Bank of Egypt website today.

According to Central Bank data, the core consumer price index, prepared by the Central Bank, recorded a monthly rate of 13.2% last February, compared to a monthly rate of 8.1% in the same month of the previous year and a monthly rate of 2.2% in January 2024.

The annual rate of general inflation at the city level recorded 35.7% in February 2024, compared to 29.8% in January 2024, according to what the Central Agency for Public Mobilization and Statistics announced in a previous statement this morning.

The Central Bank aims to reduce the average annual inflation rate to a single digit between 5% and 9% during the fourth quarter of 2024, and to reach between 3% and 7% during the last quarter of 2026.

In a previous press conference, Hassan Abdullah, Governor of the Central Bank, expected the inflation rate to rise temporarily after the decision to liberalize the exchange rate, provided that it declines to a single number according to the target.

He explained that the Central Bank aims to contain inflationary pressures, which are the fiercest disease attacking the economy.