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Egypt’s inflation jumped by 35.7% in February, higher than what was seen in January at 29.8%. On a MoM basis, inflation was up 11.4%. This was mainly caused by a large increase in for food, health, education and recreation prices. The higher reading came as a surprise after seeing a trend of easing in inflation since September 2023.
Separately, on a positive note, the World Bank will provide Egypt with $3bn in funding support following the $8bn deal it struck with the IMF last week. Egypt’s finance minister added that they are also expecting the EU to announce its support package soon.
Egypt’s dollar bonds were trading slightly weaker with its 5.25% 2025s down 0.5 points to 95.5, yielding 8.36%.