Egypt’s January urban inflation jumps to 28.1%

Big 5

Egypt’s annualised urban consumer price inflation has jumped to 28.1 percent in January from 23.3 percent in December, the official state statistics agency CAPMAS announced on Saturday, its highest level since central bank records began in 2005.

Prices have soared since Egypt abandoned its currency peg to the U.S. dollar on Nov. 3, the pound has roughly halved and urban consumer price inflation has doubled from 13.6 percent in October.

Food and beverage prices in January rose 37.2 percent in urban areas, the CAPMAS data showed.

Source: Reuters