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FINANCIAL NEWS
Egypt’s consumer inflation up 10.6 percent in July
13 Aug 2014
(MENAFN) Egypt’s consumer inflation rose 10.6 percent this July after the government increased the fuel prices last month, The Peninsula Qatar reported.
The official statistics company (CAPMAS) published a report which showed that the core inflation increased 9.35 percent in July compared to 8.76 percent posted in June.
The country raised the energy prices 78 percent, while cutting gas subsidies, causing their prices to lift up by 30 percent to 75 percent.
Meanwhile, sales taxes on alcohol and cigarettes rose too in an effort by the country to lower its budget deficit.
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