Egypt’s annual urban consumer price inflation climbs to 12.3% in May

Egypt’s annual urban consumer price inflation climbed to 12.3 percent in May from 10.3 percent in April, the official state statistics agency CAPMAS said 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 March 17 to curb inflationary pressures.

Source: Reuters