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FINANCIAL NEWS
Egypt’s Nov inflation grows 9.1%
11 Dec 2011
(MENAFN) Egypt’s official statistics agency said that in November, the country’s annual inflation rate grew 9.1 percent from 7.1 percent in the previous month, reported Gulf News.
The agency added that the cost of food and beverage, the biggest component in the consumer price index, jumped an annual 11.6 percent in the month, from 8.7 percent in October.
On the other hand, the country’s central bank increased its benchmark deposit rate by a percentage point to 9.25 percent in November, a move taken to curb the country’s strong pound.
It is worth noting that in the fiscal year that ended June 30, Egypt’s gross domestic product (GDP) grew 1.8 percent, recording its weakest performance in at least 10 years.
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