FINANCIAL NEWS

Egypt’s inflation rate hits highest level at 30.86pct

14 Feb 2017

(MENAFN) Egypt’s core inflation has jumped to its highest level in more than a decade, reaching 30.86 percent in Jan as the effects of a currency float and IMF endorsed austerity measures.

Furthermore, the pound has halved in value and urban consumer price inflation reached 28.1 percent in Jan year-on-year from 13.6 percent in Oct.

However, the jump could not pressure on the central bank to hike rates, while the bank will hold overnight deposit rates at 14.75 percent.

Meanwhile, the currency float, which helped Egypt clinch USD12bn three-year loan from the IMF, is part of a larger government economic reform program.

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MENAFN1402201700450000ID1095246804

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