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FINANCIAL NEWS
Inflation in Egypt at 11.8%
18 Jul 2011
(MENAFN) Egypt’s state statistics agency, CAPMAS, said that due to lower food prices compared with 2010, in the year to June, urban consumer inflation was 11.8 percent from 11.87 percent in May, reported Tehran Times.
The agency added that in the period, food and beverage prices, declined from 19.8 percent in May to 18.98 percent in June.
It also said that in the fiscal third quarter, real gross domestic product (GDP) went down by 4.2 percent, recording its first year-on-year contraction since Egypt’s first release of quarterly GDP data in 2001-2002.
It is worth noting that in June, the central bank Monetary Policy Committee kept its key lending rate at 9.75 percent and the deposit rate at 8.25 percent.
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