Egypt has seen a spike in inflation since state-subsidy cuts were introduced in July (Photo:AP) Display Order: 0
Egypt's annual inflation rate rose to 10.6 percent in February, compared to 9.66 percent in January, state statistics agency CAPMAS announced on Tuesday.
Egypt has seen a hike in inflation following fuel subsidy cuts in July that triggered up to a 78 percent rise in prices at the pump. Inflation increased to 11.5 percent in October before slowing in November.
The inflation rate for food and beverages, which contributed almost 40 percent of the consumer prices index basket, increased by 8.2 percent in February year on year, shows a CAPMAS report.
The second largest contributor was housing, rising more than 11.8 percent.
Egypt's lending rate and deposit rate are at 9.75 percent and 8.75 percent respectively.