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Wednesday, 20 June 2018

Egypt's urban inflation climbs to highest level in decades in July

Ahram Online , Thursday 10 Aug 2017
File photo of a market of foodstuff in Egypt. (Photo: Reuters)
Views: 3934
Views: 3934

Egypt's urban inflation climbed in July to its highest level in decades, after the recent subsidy cuts introduced by the government as part of a series of economic reforms aimed at improving the country's finances.

Annual consumer price inflation in urban areas rose 33 percent in July, up from 29.8 percent in June, according to official statistics agency CAPMAS.

The month-on-month urban inflation rate climbed 3.2 percent in July, up from 0.8 percent in June.

In November 2016, Egypt floated its currency, slashing the value of the pound by half and triggering heavy inflation.

Egypt has been pushing ahead with a series of austerity measures including fuel and electricity subsidy cuts to help ease the country's gaping budget deficit.

Food prices have also spiked, rising by 43 percent year-on-year in July.

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