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Fuel price hike to add 3-4.5 percentage points to Egypt's inflation: Deputy minister

Reuters , Monday 3 Jul 2017
Ahmed Kojak
File photo of Egypt's Deputy Finance Minister Ahmed Kojak (Reuters)
Views: 3637
Views: 3637

Egypt's inflation rate, which was around 30 percent in May, will rise by between 3 and 4.5 percentage points following last week's fuel price hike, Deputy Finance Minister Ahmed Kojak told Reuters on Monday.

Egypt hiked fuel prices on Thursday by up to 50 percent to help meet the terms of a $12 billion International Monetary Fund loan agreement.

Egypt's inflation hit a three-decade high after the central bank floated the pound currency in November as part of the IMF deal. 

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