Egypt’s monthly inflation rate rises 2% in June

Egypt’s monthly inflation rate increased by 2 percent in June as consumer prices soared by 35.7 percent, from 32.7 percent in the previous month, according to figures released Monday by the state-run CAPMAS statistics agency.

The increase showed a record pace as it is a reflection of pressures on food costs after the Muslim feast holiday and a pick-up in summer spending.

The figures were fueled largely by a 65.9 percent rise in food and beverage costs, the largest single component of the inflation basket, as well as the statistical effect of a low base last year.