CAPMAS: Egypt’s annual inflation rate drops 31.6% in September

Egypt’s annual urban consumer price inflation eased slightly in September to 31.6 percent from 31.9 percent in August, the county’s statics official agency CAPMAS said Tuesday.

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