Inflation rises to 10.7% in February

Egypt’s annual inflation rose to 10.7% in February from 9.7% registered in January, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Tuesday.

On 15 January, the Central Bank of Egypt (CBE) cut interest rates by 50 basis points, in its first meeting in 2015. The cut was attributed to a decline in the headline consumer price index (CPI) by 1.53% in November and 0.07% in December. The CBE said this was to bring annual inflation rates to 9.09% in November, and then to 10.13% in December.

“Upside risks from imported inflation continue to be contained on the back of lower oil prices and the consequent revision in international food price forecasts,” the CBE added.