Egypt's core inflation rate hit 13.23 pct in August 2016: CBE

Ahram Online , Thursday 8 Sep 2016

File Photo of Egyptians vendor at a vegetable market in Cairo. (Photo: Reuters)

Egypt's core inflation rate increased to 13.23 percent year on year in August 2016 up from 12.31 in July 2016, the central bank announced on Thursday.

In March, Egypt, which relies heavily on imports of wheat and other staples to feed its population of 91 million, devalued the Egyptian pound by 14 percent of its value against the dollar in an attempt to eliminate the black market, a move that led to price increases.

Egypt’s annual headline inflation jumped to 16.4 percent in August 2016, from 14.8 percent the month before, and from 7.9 percent the same month last year, to become the higest in at least seven years, according to state statistics body CAPMAS 


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