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Egypt’s inflation rate to grow to 10.9% in 2013: IMF

22 May 2013

(MENAFN) The International Monetary Fund (IMF) announced that it projects Egypt’s inflation rate in 2013 to rise to 10.9 percent, up from an April forecast of 8.2 percent, reported Gulf News.

Nevertheless, the rate is expected to reach 11.6 percent next year, down from April’s forecast of 13.7 percent, as price pressures may be slightly lower than earlier estimates.

The North African country’s urban consumer inflation in the year to April grew to 8.1 percent, driven by higher food and energy prices and a struggling pound.

It is worth noting that in the current fiscal year, which ends in June, Egypt’s budget gap is projected to expand to 11.3 percent of gross domestic product (GDP), according to the IMF, from 10.7 percent a year before.

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