CAIRO: Egypt’s core inflation inched up to 7.15 percent in February year-on-year, compared to 7.06 percent in January, the Central Bank of Egypt (CBE) announced late Tuesday.
Core inflation computed by the CBE, went up by 1.1 percent month-on-month in February, compared to a 0.52 rise in January
In the meantime, Egypt’s urban consumer inflation hiked to 10.6 percent in February, marking roughly a two percent rise from 9.7 percent in January, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Tuesday.
Egypt has witnessed soaring inflation after the government cut energy subsidies by 40 billion EGP ($5.6 billion) in July. Inflation reached its peak in October, registering 11.3 percent.
CAPMAS attributed the rise mainly to an 11.4 percent jump in cigarette prices, along with an increase of 20.4 percent in butane gas cylinders. The prices of vegetables, meats and dairy products surged by 5 percent, 2.7 percent and 2.9 percent respectively.