Egypt’s annual inflation rate falls 31.9% in August

Egypt’s annual urban consumer price inflation eased slightly in August to 31.9 percent from 33.0 percent in July, the country’s statics agency CAPMAS said Sunday.

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

Egypt abandoned its currency peg to the U.S. dollar last November in a dramatic move that has since seen the currency depreciate roughly by half.

Source: Reuters