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FINANCIAL NEWS
Egypt’s inflation remains at 10.7% in July
10 Aug 2010
(MENAFN) Egyptian state-run Capmas statistics agency said that urban consumer inflation in Egypt was steady at 10.7 percent in the 12 months to July, giving the central bank more latitude to keep key interest rates on hold, Reuters reported.
Urban consumer inflation – Egypt’s most closely watched indicator of prices – was also at 10.7 percent in June. The urban consumer price index was 151.2 versus 136.6 a year ago, the agency said in a statement.
Inflation has broadly been on a downtrend since peaking at 23.6 percent in August 2008. This year it has fallen since hitting 13.6 percent in January.
The central bank said last month it was keeping its key overnight interest rates on hold for a seventh time, a day after the government announced the economic growth had accelerated to an annual 5.9 percent.
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