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Egypt's annual urban consumer price inflation jumps to 12.3 pct in May

Reuters , Thursday 9 Jun 2016
fruit vendor
In this Monday, March 9, 2015 photo, a fruit vendor waits at a local market in Sixth of October city, a suburb southwest of Cairo, Egypt (AP)

Egypt's annual urban consumer price inflation jumped to 12.3 percent in May from 10.3 percent in April, the official statistics agency CAPMAS said on Thursday.

The central bank devalued the pound in March by around 13 percent, and then hiked interest rates by 150 basis points at its MPC meeting on Mach 17 to curb inflationary pressures. 

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