Inflation stood at 31.9% in February, and the Central Bank of Egypt raised interest rates by 200 basis points last month to counter inflation. The data, released by the Central Agency for Public Mobilization and Statistics (CAPMAS), was in line with investment banks' expectations.
The reason for the high inflation is attributed to several factors, most notably: The value of the pound (local currency) against the dollar. The return of the accumulation of goods in ports pending customs clearance.