In January 2023, an average consumer price of spruce lumber in Egypt increased by 19% compared to December and amounted to EGP 7.035 ($228.8) per m3. The price has increased by 53% y-o-y. From April to December 2022, lumber prices were almost stable, up 3.5%.
Egypt’s annual inflation rate jumped to 31.9% in February, it is the highest rate in five and a half years, while core inflation skyrocketed to a record 40.26%, according to official data.
The soaring inflation follows a devaluation of the Egyptian pound that began in March 2022 and a prolonged shortage of foreign currency. Consumer inflation reached 25.8% in January, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).