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  • 11-10-18

    Egypt sees surge in consumer price inflation to 16 percent

    (MENAFN) Egypt registered 16 percent in its annual urban consumer price inflation last month, a surge from 14.24 percent in August.

    Statistics agency CAPMAS showed in its data Egypt to have recorded a 2.5 percent increase in its rate on monthly basis.

    The boost in the rate was explained to have been attributes to a 4.8 percent surge in food and non-alcoholic beverages costs.

    Naeem Brokerage head of research Allen Sandeep stated "this increase (in inflation) is a little concerning because the rate is at the upper end of the Central bank's targeted inflation."

    Pharos head of research Radwa El-Swaify also suggested that "(the rise) reflects the continuation of massive increases in the prices of fruits and vegetables on a monthly basis, and, to a lesser extent, the (effects) of back to school season."

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