Inflation accelerated for the first time in 6 months in the cities of Egypt for the first time in 6 months

The inflation rate in the cities of Egypt accelerated in March in March, up to 13.6% year -on -year compared to 12.8% in February, according to the data of the Central Agency for Public Mobilization and Statistics issued on Thursday. This is the first acceleration of inflation numbers during the past six months, as the reading of consumer prices was the last time in August, which was influenced by factors such as raising fuel prices and tickets for public transport, including trains and subway. It was also preceded by the increase in the price of a 300% baking bread in May, which is the first increase of its kind in more than three decades. On a monthly basis, inflation of cities rose to 1.6% during March compared to 1.4% in February. This acceleration came as a result of an increase in food and beverage prices by 2.9%, after an increase in fruit prices over the past month by 23.6%, which coincided with the month of Ramadan, in which consumption increases during the rest of the year. The stability of prices, Mohamed Abu Pasha, the chief economist in “EFG Holding”, told Al -Sharq that “inflation numbers in the cities of Egypt match the expectations of 12.6%”, we have seen that there is stability in prices during the last March and that there are no major gaps at the prices of any of the basic commodities. He added: “Our expectations for the average inflation during 2025 between 12 and 13%.” “Goldman Sachs also expects:” The annual inflation rate by the end of the year will reach 13.4%, and inflation will be slower over the next two years. After today’s numbers, the real interest rate, that is, is the nominal interest rate, 13.65%of the inflation rate. In March 2024, the Central Bank of Egypt, with the decision to raise the extraordinary interest, 600 basis points in March 2024 expected the inflation rate targeted by 7% (± 2 percentage points) to exceed the last quarter of 2026.