Thndr – Inflation in Egyptian cities rose 31.9% in February 2023 from the same month a year before.
- What: One financial analyst at Naeem Holding attributed the jump to the ongoing EGP devaluation, which in turn increased production costs & therefore overall prices, especially for food.
- So What: It’s unlikely that inflation has peaked, as a recent hike in fuel prices & increased demand during Ramadan could see prices inch up further.
- Now What: Eyes will be on the Central Bank of Egypt to raise interest rates during its next meeting on March 30th 2023, with analysts expecting a 2% raise.
