FinMin sees Egypt monthly inflation rate to stabilise within 4 months

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Egypt expects the monthly inflation rate to stabilise within four months at between 1-1.25 percent, Egyptian Finance Minister Amr El-Garhy told Reuters on Monday.

The monthly inflation rate in Egyptian cities fell to 0.8 percent in June from 1.7 percent in May, the official CAPMAS statistics agency said on Monday.

However, Egypt’s annual urban consumer price inflation rose in June to 29.8 percent from 29.7 percent in May.

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