Egypt's annual inflation rate up in March - Report

Egypt's annual urban consumer inflation rate in March rose to 32.7% year-on-year, from 31.9% in February, according to data from the country's statistics agency.

Month -on-month, urban inflation slowed to 2.7% in March from 6.5% in February.

Egypt has seen surging inflation since 2022 precipitated by currency devaluations, a dollar shortage and difficulties getting imports into the country.

The north African country has devalued its currency since March of 2022. Devaluation was one of the the conditions set by the IMF before granting Cairo a $3 billion bailout loan.

The increase was driven by a rise in food prices linked to Ramadan-related high seasonal demand, the impact of currency devaluation, particularly in the informal market, and the effect of a raw material shortage.

Egypt's highest inflation rate ever was 32.952%, reached in July 2017. It also followed a currency devaluation advised by the IMF.