CAPMAS: Month-over-month inflation jumps historic 11 percent in February figures

CAPMAS: Month-over-month inflation jumps historic 11 percent in February figures

Annual inflation came in at 36 percent in February compared to January's 31.2.

The post CAPMAS: Month-over-month inflation jumps historic 11 percent in February figures first appeared on Mada Masr.Egypt’s annual inflation rate continues to reach new heights, coming in at 36 percent in February, a nearly 5 percent increase from January, the Central Agency for Public Mobilization and Statistics announced on Sunday.

While still high in January at 31.2 percent, annual inflation had gradually fallen each month from the record high of 38 percent in September.

But February’s figures erase much of that decline and see inflation skyrocketing again. 

Month-over-month inflation saw a record-setting jump in February, appreciating from 1.7 percent between December and January to 11 percent between January and February. 

Analysts had forecast that inflation rates in urban areas would continue to decline on an annual basis, from 29.8 percent in January to 25.1 percent. Instead, it rose to a staggering 35.7 percent in February.

Rapid increases in prices, particularly in food, are the main drive for the rising inflation rates, according to CAPMAS. Food and drink prices rose by 15.9 percent in February, compared to a 1.4 rise in the previous month.

The price hikes were felt more heavily in the meat and