Egypt’s annual urban consumer inflation soars to 31.9% in Feb

Egypt’s annual urban consumer price inflation increased to 31.9 percent in February compared to 25.8 percent in January, recording its highest in five and a half years, data from statistics agency CAPMAS showed on Thursday.

The inflation follows a currency devaluation by nearly 50 percent in March 2022, a shortage of foreign currency and continuing delays in getting imports into the country.

The figures increased more than it was expected a reading of 26.7 percent, according to the median forecast in a Reuters poll of 14.