RIYADH, Apr 08 (Arab News): A drop in the price of cereals, bread, and vegetables saw Egypt's urban consumer price inflation rate slow to 33.1 per cent in March from 36 per cent in February.
Data released from the country's Central Agency for Public Mobilization and Statistics showed that month-on-month prices rose by 10 per cent in the third month of 2024, down from an 11.4 per cent increase in the previous period.
This follows the central bank's announcement in early March that it had hiked interest rates by 600 basis points at an unscheduled meeting and would allow the exchange rate to be set by market forces as it shifted to an inflation-targeting regime.
The decrease in figures was mainly attributed to a 0.3 per cent drop in the price of cereals and bread and a 3.5 per cent decline in vegetables compared to February numbers.
Despite this, certain categories recorded an increase in prices, such as meat and poultry by 2.3 per cent and fish and seafood by 2.3 per cent in comparison to the previous month.
On a similar note, CAPMAS also issued new data that indicates the monthly production index of manufacturing and extractive industries declined 5.45 per cent in January to 92.85, compared to 98.20 in December.
Egypt's inflation slows to 33.1pc in March
FE Team | Published: April 08, 2024 23:35:07
Egypt's inflation slows to 33.1pc in March
Share if you like