Fuel price increase to add 3-4.5 percentage points to Egypt’s inflation: official

Egypt’s inflation rate, which was around 30 percent in May, will increase by between 3 and 4.5 percentage points following last week’s fuel price hike, Egyptian Deputy Finance Minister Ahmed Kojak told Reuters on Monday.

The projection comes from a study carried out by Egypt’s official statistics agency, the Central Agency for Public Mobilization and Statistics (CAPMAS), Kojak said.

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.

Inflation hit a three-decade high after the central bank floated the pound currency in November as part of the IMF deal.

Source: Reuters