Inflation in Egypt hit yet another peak for this year in February, the government said on Thursday, with prices increasing most sharply for food. The country is in the midst of an economic crisis and currency depreciation.
Annual inflation rose to 32.9 percent in February, the government statistics agency said, up from 26.5 percent in January.
Grains, meat, poultry, fish and fruit were among the products with the biggest price spikes.
The statement added that food prices have increased 61.5 percent since the same time last year.
The monthly growth was supported by a 29.70% leap in the prices of meat and poultry.
Meanwhile, the prices of fish and seafood as well as regular tourist trips increase by 19.50% and 18.60%, respectively.
The S&P Global PMI data recently showed that Egypt’s non-oil economy remained in a steep downturn in February, with the headline seasonally adjusted Purchasing Managers’ Index (PMI) up to 46.9.
