Surging Egypt Inflation May Soon Peak, Finance Minister Says
- Annual urban consumer prices soared to 28% in January
- Inflation accelerated after central bank floated the currency
Egypt Finance Minister Says Inflation to Peak By 1Q End
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Egyptian Finance Minister Amr El-Garhy said he expects surging inflation to peak by the end of the first quarter as the price shocks following an increase in fuel prices and the pound’s flotation fade.
El-Garhy said policy makers expected prices to jump after currency controls were abandoned in November to help Egypt clinch a $12 billion International Monetary Fund loan. He spoke after data showed annual consumer price rises soared to 28 percent in January.