CAPMASS: Egypt Nov urban consumer inflation surges to 19.4% after currency float

Egypt’s annual urban consumer price inflation soared in November to 19.4 percent from 13.6 percent in October, the official CAPMAS statistics agency announced on Thursday, in its first report on price rises since the flotation of the currency last month.

It said in a statement that food and beverage inflation reached 21.5 percent in November.

Egypt abandoned its currency peg to the U.S. dollar on Nov. 3 in a dramatic move that has since seen the currency depreciate by roughly half.

Source: Reuters