UPDATE 1-Egypt Revises up July Annual Inflation to 11.04 pct

Egypt revised up its annual consumer price inflation rate to 11.04 percent for July from an earlier figure of 10.61 percent, the statistics agency said on Monday, after the government cut subsidies on fuel.

It revised up monthly inflation to 3.51 percent from the figure of 3.11 percent published previously.

Egypt’s annual core consumer price inflation rate, which strips out subsidised goods and volatile items such fruit and vegetables, was also adjusted higher to 9.57 percent from 9.35 percent, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

CAPMAS did not give a reason for the revision.

Egypt’s economy has been in turmoil since a popular uprising ousted autocrat Hosni Mubarak in 2011, deterring tourists and foreign investors and straining the country’s finances.

Annual inflation reached its highest rate in nearly four years in November but has fallen back since.

Analysts have said they expect it to rise again after the government raised energy prices by up to 78 percent in an effort to ease the country’s budget deficit. Gas subsidies were also cut, lifting prices by 30 to 75 percent, and sales taxes on alcohol and cigarettes rose in July.

Source: Reuters