Annual inflation rate in Egypt rises to 4.8% in March

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The Central Agency for Public Mobilisation and Statistics announced that the annual inflation rate increased during March, recording a rate of 4.8 per cent compared to 4.6 per cent in March 2020.

The statistics revealed an increase in the inflation rate during March by 0.6 per cent, and the agency attributed this increase to the rise in the fruit group prices by 7.1 per cent.

Among the reasons is the increase in the prices of meat and poultry by 3.7 per cent and the costs of oils and fats by 0.9 per cent. Vegetable prices have increased by 0.7 per cent, grains and bread by 0.5 per cent, and the same for dairy, cheese, and eggs. The high annual inflation rate is because the Egyptian economy is suffering, which is reflected in the increase in food commodity prices, the decline in purchasing power, and the local currency collapse. Egyptian families suffer from high prices, low salaries and high unemployment, while the Al-Sisi government claims its success in economic reform measures.

According to a statement by CAPMAS, last March witnessed an increase in the fruit group prices by 16.4 per cent due to the rise in the costs of blueberries by 29.7 per cent, and apples by 17.7 per cent. Last March, the prices of the group of mineral and carbonated water and natural juices increased by 2.7 per cent due to the increase in the costs of the carbonated water group by 4.2 per cent.

The Alcoholic Beverages and Tobacco division recorded an increase of 6.6 per cent due to the rise in the prices of the smoke group by 6.6 per cent. The clothing and footwear division recorded an increase of 1.3 per cent due to the rise in the prices of the cleaning and repair services group and the rental of clothes by 6.7 per cent and the ready-made clothes by 1.4 per cent.

The housing, water, electricity, gas, and fuel division recorded an increase of 4.9 per cent due to the rise in the electricity, gas, and other fuel materials group by 11.6 per cent. The furniture, fixtures, household equipment and maintenance division recorded a 2.6 per cent increase due to the 3.4 per cent increase in the group of goods and services used in home maintenance.