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FINANCIAL NEWS
Egypt’s urban inflation grows to 9.2% in Feb
11 Mar 2012
(MENAFN) Egypt’s official statistics agency said that last month, the country’s inflation grew to 9.2 percent from January’s 8.6 percent, reported Gulf News.
The agency added that the increase was driven by higher food and beverage prices, which rose an annualized 12.6 percent from the 11.2 percent recorded a month earlier.
On the other hand, it said that gross domestic product (GDP) in 2011’s final quarter grew 0.4 percent, compared with a 0.2 percent expansion in the previous quarter and 5.6 percent in the previous year.
It is worth noting that in the fiscal year through June, Egypt’s economy grew 1.8 percent, the slowest pace in at least 10 years.
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