On a monthly basis, inflation recorded 110.9 points in March 2021, compared to 110.3 points in February 2021, marking an increase of 0.6 percent, said CAPMAS
Egypt’s annual consumer price inflation steadies with March 2021 recording 4.8 percent, compared to 4.6 percent in March 2020, states Central Agency for Public Mobilization and Statistics (CAPMAS).
On a monthly basis, inflation recorded 110.9 points in March 2021, compared to 110.3 points in February 2021, marking an increase of 0.6 percent, said CAPMAS.
The statistics agency attributed the inflation increase to certain commodities’ price hikes during the month.
They noted that commodities that increased monthly inflation were fruits by 7.1 percent, meat and pourtly by 3.7 percent, cooking oil and fats by 0.9 percent, cereals and bread by 0.5 percent, in addition to the increase in the dairy products such as milk and cheese by 0.5 percent.
CAPMAS pointed out that the increase was despite the decrease in the prices of the ready-to-wear clothing by 1.1 percent, and transportation services by 0.4 percent.
The sustainable development plan for 2020/2021 expected the inflation rate to increase to 9.8 percent if coronavirus crisis continued until December 2020.
Back in December 2020, the core inflation rate prepared by the Central Bank was zero on a monthly basis, compared to 0.2 percent in the same month of the previous year, and also zero in November 2020.
Inflation remains within the Central Bank of Egypt’s (CBE) target range of 9 percent, plus or minus 3 percentage points, despite the precautionary measures taken aiming to curb the spread of coronavirus that are expected to raise the rate of inflation.
The Monetary Policy Committee of the CBE decided on March 18 to keep the overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 8.25 percent, 9.25 percent, and 8.75 percent, respectively. Moreover, the discount rate was also kept at 8.75 percent.