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Friday, 15 December 2017

Egypt's annual urban consumer inflation rate falls to 31.6 pct in September

Reuters , Tuesday 10 Oct 2017
Egypt
Egyptian buy bread at a popular market in Cairo, Egypt (File photo: Reuters)
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Egypt's annual urban consumer price inflation eased slightly in September to 31.6 percent from 31.9 percent in August, the official CAPMAS statistics agency said on Tuesday.

Inflation soared to a record high in July on the back of fuel and energy subsidy cuts by the government.

Import-dependant Egypt abandoned its currency peg to the U.S. dollar last November and the currency has depreciated roughly by half since then.

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