FINANCIAL NEWS

Egypt’s inflation rises to 11% last month

10 Oct 2010

(MENAFN) Egypt’s Central Agency for Public Mobilization and Statistics said in its latest report that the country’s urban inflation rate, the main indicator monitored by the central bank, rose to an annual 11 percent from 10.9 percent in August, Reuters reported.

The central bank, which will meet to review its monetary policy, kept the overnight deposit rate at 8.25 percent in September, saying uncertainty over global economic growth may weigh on domestic investment.

Prices rose 1.7 percent month-on-month, compared with 2.9 percent in August, the statistics agency said. The prices of food and non-alcoholic beverages advanced 3.8 percent. The costs of clothing and footwear rose 0.4 percent, it added.

The economy of the most populous Arab country expanded 5.3 percent in the fiscal year through June, from 4.7 percent in the previous 12 months. The government expects gross domestic product to grow 5.8 percent this year, according to the Economic Development Ministry.

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