Egypt inflation keeps rising in August

Ahram Online, Wednesday 10 Sep 2014

Egypt's annual headline inflation rate rises to 11.4 percent in August, pushed by an increase in food prices

File Photo:Egyptians vendor at a vegetable market in Cairo February, 2011 (Photo: Reuters)
Egypt's annual headline inflation rate registered 11.4 percent in August compared to 11.1 percent the previous month, state statistical body CAPMAS announced on Wednesday.
The food and beverages Consumer Price Index (CPI) registered a higher increase of 11.6 percent.  
Annual core inflation (which excludes the impact of temporary price shocks on inflation), rose at a slower pace to 10.07 percent in August, from 9.57 percent in July, according to the Central Bank of Egypt (CBE).
Monthly inflation increased by one percent in August compared to an especially high rate of 3.6 percent in July that resulted from the cut in fuel subsidies and to the raising of taxes on tobacco and alcohol products earlier that month.
Egypt had revised its July headline Consumer Price Inflation (CPI) up to 3.6 percent, from the 3.1 percent announced earlier. 
The central bank has kept its interest rates unchanged earlier this month after a rise in July as inflation was anticipated to rise. "Higher than anticipated indirect and second round effects of the price adjustments pose an upside risk to the inflation outlook", said the CBE in a previous release.
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