Prices of Food Commodities up 16%; Inflation Rate up to 14.2% in February

Al-Fiqi has warned of the increase in the US dollar exchange rate against the Egyptian pound, as this would lead to an increase in the value of the import bill and, accordingly, in the local prices.

A large part of inflation is "imported" because Egypt depends on importing goods and production requirements in foreign currency, al-Fiqi said ruling out a CBE decision cutting the interest rate again in its coming meeting.

Pascent Fahmi, advisor to the Egyptian-Saudi Finance Bank, has ascribed the increase in inflation to an unjustified increase in the prices of commodities whose world prices have greatly decreased. She held the government responsible for what is going on in the market due to its poor control.