{"id":585117,"date":"2023-04-11T00:00:00","date_gmt":"2023-04-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/inflation-nears-record-high-in-march-as-impact-of-devaluation-bites\/"},"modified":"2023-04-11T00:00:00","modified_gmt":"2023-04-11T00:00:00","slug":"inflation-nears-record-high-in-march-as-impact-of-devaluation-bites","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/inflation-nears-record-high-in-march-as-impact-of-devaluation-bites\/","title":{"rendered":"Inflation nears record high in March as impact of devaluation bites"},"content":{"rendered":"

<\/span>Inflation came close to notching a record high in March<\/span> as prices continued <\/span>to<\/span>accelerate on the back of the series of currency devaluations, the foreign-currency crunch, higher fuel prices, and seasonal Ramadan demand. <\/span>Figures released on Monday by state statistics agency Capmas showed that annual urban inflation jumped to 32.7% y-o-y in March, up from 31.9% the <\/span>month before<\/a><\/span>. Inflation is now at its highest since July 2017, when it hit a record high of almost 33%.<\/span><\/p>\n

This was below analyst expectations:<\/span> \u201cInflation came below our expectations which was 35.4%,\u201d Amr Elalfy, head of research at Prime Securities, told Enterprise. The median forecast in a poll of economists conducted by <\/span>Reuters<\/a><\/span> had inflation accelerating to 33.6% in March. <\/span><\/p>\n

Food price inflation hit a fresh all-time high:<\/span> Food and beverage prices \u2014 the largest <\/span>component of the basket of goods and services used to calculate inflation \u2014 soared 62.9% y-o-y in March, up from 61.8% the month before. <\/span><\/p>\n

Core inflation eases but stays near record high:<\/span> Core inflation \u2014 w<\/span>hich strips out volatile items such as <\/span>food and fuel \u2014 <\/span>stood at 39.5<\/span>% y-o-y in March<\/span>, down slightly from February\u2019s record high of 40.3%, according to <\/span>central bank data<\/a><\/span>. On a monthly basis, core inflation slowed to increase by 2.5%, down from a pace of <\/span>8.1% i<\/span>n February.<\/span><\/p>\n

Monthly headline inflation grew at a slower pace<\/span> of 2.7%, from 6.5% in February. <\/span><\/p>\n

Have we reached the peak?<\/span> \u201cWe had thought that March would be the peak, which could still <\/span>be the case if we maintain our monthly inflation estimates\u2026Our adjusted inflation estimate for April is 31.7% for now,\u201d Elalfy told us. \u201cWe still think that headline inflation will remain high for the rest of the year, averaging around 30%.\u201d<\/span><\/p>\n

What does this mean for interest rates?<\/span> The Central Bank of Egypt (CBE) last month <\/span>raised<\/a><\/span>interest rates by 200 bps<\/a><\/span> to combat the inflationary effects of the EGP devaluation. Currency pressures and soaring prices have forced the central bank to raise rates by 1k bps since March <\/span>202<\/span>2. \u201cFor the time being, we are not changing our outlook for interest rates\u2026Our view is still no change through the end of the year,\u201d Ela<\/span>lfy said. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Food prices hit fresh record high but core inflation slows<\/p>\n","protected":false},"author":1,"featured_media":585118,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[330,271,104,72,182,349],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-capmas","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-inflation","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"fed48338-9c78-413e-93c0-e2bc59f52ec4","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/466.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt inflation nears record high in March as impact of devaluation bites","related_issue":[585112],"teaser":"Food prices hit fresh record high but core inflation slows","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.07c59483-a7b5-4679-9bc8-aa2e66810fe8.mp3"},"yoast_head":"\nInflation nears record high in March as impact of devaluation bites - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/inflation-nears-record-high-in-march-as-impact-of-devaluation-bites\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation nears record high in March as impact of devaluation bites\" \/>\n<meta property=\"og:description\" content=\"Food prices hit fresh record high but core inflation slows\" 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