Egypt's urban inflation accelerates to 10.5% in March

Egypt's urban inflation accelerates to 10.5% in March
1 min read
Egypt's urban inflation increased to 10.5 percent in March as residents struggle with the cost of living
The cost of living is rising in Egypt [Getty]

Egypt's annual urban consumer price inflation accelerated to 10.5 percent in March, from 8.8 percent in February, data from the country's statistics agency, CAPMAS, showed on Sunday.

On March 21, the Egyptian pound had plunged around 17 percent in its value against the US dollar, following a rise in inflation and a rise in prices across different aspects of life, especially food.

The pound has been trading at 18.32 Egyptian pounds to the dollar at banks on Monday after it had been valued at 15.77 before the recent flotation of the Egyptian pound.

Of Egypt's population of around 102,000,000 residents, one-third are estimated to be under the poverty line.