Egypt’s core inflation rises slightly to 8.83% y-o-y in August – central bank

Egypt’s core inflation slightly rose to 8.83 percent year-on-year in August from 8.54 percent in July, the central bank said on Monday.

Inflation last year surged on the back of economic reforms tied to a $12 billion IMF loan programme Egypt signed in late 2016 that includes deep cuts to energy subsidies and tax hikes.

Prices soared in particular after the import-dependent country floated its pound currency in November 2016, reaching a record high of 33 percent in July 2017, though inflation rates have since gradually eased, reaching their lowest levels in almost two years in March.