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FINANCIAL NEWS
Egypt’s inflation rate grows to three-decade high
12 May 2017
(MENAFN) Egypt’s inflation increased to a three-decade high in April, piling stress on the government in order to keep a lid on prices as it embarks on sensitive economic reforms.
Additionally, import-dependent Egypt has been hit by jumping inflation since it floated its currency in Nov, permitting it to halve in value.
Moreover, the float marked the opening salvo in a three-year, USD12bn IMF reform program that involves tax hikes and subsidy reduces.
Meanwhile, food prices have spiked, increasing by 43.6 percent year on year in April, when demand peaks due to heavy consumption following dawn-to-dusk fasting.
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MENAFN1205201700450000ID1095471054
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