ICEC

Egyptian urban consumer inflation falls 30.8% in October

Egypt’s annual urban consumer price inflation eased slightly in October to 30.8 percent from 31.6 percent in September, the county’s state-run statistics agency CAPMAS said on Thursday.

Inflation soared to a record high in July on the back of fuel and energy subsidy cuts by the government.

Import-dependant Egypt abandoned its currency peg to the U.S. dollar last November and the currency has depreciated roughly by half since then. Source: Reuters

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