Annual inflation jumps to 11.8% in March

Egypt’s annual inflation rate rose to 11.8% in March, from 10.7% registered in February, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Thursday.

The rise in food commodities’ and beverage products’ prices, including vegetables, fruits, meats, dairies and seafood, by 9.3%, were the reason behind the 1.7% increase, according to CAPMAS.

The Central Bank of Egypt’s (CBE) data shows that core inflation also increased to reach 7.21% in March, compared to 7.15% in February.

By reaching this rate, annual inflation comes to match the 11.8% rate of October 2014, during which the hike was attributed to the governmental step to cut energy subsidies in July, thus leading to an increase in the prices of certain goods.