Headline Inflation Rises to 8.8% in February 2022

Giving More to Your Wealth
10 Mar 2022

CAPMAS (The Center for Public Mobilization & Statistics) released inflation data for February 2022, showing headline inflation rising to 8.8% versus 7.3% in January 2022. On a monthly basis, inflation was up 1.6% MoM between January and February 2022. The annual increase was mostly due to sharp rises of about 18% in the prices of food, as well as unfavorable base effects. Overall nationwide inflation rose to 10% in February 2022 versus 8% in January 2022.

Inflation was driven by steep increases in the prices of commodities and raw materials worldwide. Global food prices in particular shot up significantly due to supply shortages and fears surrounding the Ukraine war, as well as further supply chain disruptions that had not yet recovered from the post-Covid issues. Note that the CBE (Central Bank of Egypt) has an inflation target of 7% ±2%.

(Source: Reuters (English), al-Ahram (English), Egypt Today (English), Daily News Egypt (English), al-Arabiya (English) (Arabic), Masrawy, al-Sharq Business, CNBC Arabia, al-Sharq al-Awsat)

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