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FINANCIAL NEWS
Annual urban consumer price inflation in Egypt hits 31.5pct
11 May 2017
(MENAFN) Egypt’s annual urban consumer price inflation reached a three-decade high in April, while pressure on the government to lower prices starts at the end of the month.
Moreover, annual urban inflation increased in the cited month to 31.5 percent from 30.9 percent in March, while the numbers are the highest since June 30, 1986.
Additionally, floating the pound supported the country secure an USD12bn IMF loan to support the nation”s economic reforms.
Meanwhile, Egypt’s central bank raises interest rates 3 percent when it floated the pound in Nov in an effort to fight price pressures.
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MENAFN1105201700450000ID1095469331
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