Cairo urban consumer price inflation jumps by 29% in June

Big 5

Egypt’s annual urban consumer price inflation slightly rose in June to 29.8 percent from 29.7 percent in May, the state CAPMAS statistics agency said on Monday.

Egypt hiked fuel prices on Thursday by up to 50 percent to help meet the terms of a $12 billion International Monetary Fund loan agreement.

Egypt’s inflation hit a three-decade high after the central bank floated the pound currency in November as part of the IMF deal.

Source: Reuters

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