Egyptians lining to buy subsidized bread from a local food outlet (Photo: AP)
The Central Bank of Egypt (CBE) announced on Thursday that the core inflation rate reached 15.75 percent in October, in comparison to 13.94 percent in September.
The bank added in a statement that the monthly inflation rate reached 2.8 percent in October, in comparison to 1.2 percent in September.
Last month, annual core inflation increased to 13.94 percent in September from 13.25 percent in August.
Core inflation, which strips out the price of volatile items such as fruit and vegetables, has been rising since March but edged down slightly in July.
Egypt’s economic growth rate registered 4.3 percent of the Gross Domestic Product in the fiscal year 2015/16, down from 4.4 percent in the fiscal year before, the planning ministry said in an emailed statement to Ahram Online on Friday.
The ministry attributed the drop in the growth rate, which was below the government's target of 4.5-5 percent, to the decline in exports by 14.5 percent.
However, the ministry said that the rate, which has been calculated according to the market’s constant prices, was achieved amid "unfavorable economic circumstances globally and locally."
Egypt, which relies heavily on imports, mostly food, has been suffering from an acute shortage of the US dollars since the 2011 uprising, which was followed by political and security unrest that has turned away tourists and foreign investors, two major sources of hard currency.
The government targets an economic growth rate of 5.2 percent of GDP by the end of the current 2016/17 fiscal year.
Earlier this month, the CBE decided to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the country's flagging economy.