Egypt Inflation Driven to Highest in at Least 7 Years
- Increase linked to pound’s weakening, electricity price hikes
- Economists see new value-added tax fueling inflation further
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Egypt’s annual inflation rate accelerated to 15.5 percent in August, driven to its highest level in at least seven years by the weakening of the currency and an increase in electricity prices.
Consumer prices rose 1.9 percent in the month, according to data published by the state-run CAPMAS statistics agency. Food and beverage prices, which account for the largest component of the basket of goods and services, climbed 19.3 percent in August compared to the previous year and 1.6 percent in the month.