Egypt Inflation Rate Surges to Record After Subsidy Cuts
- Month-on-month inflation rate climbs to 3.2 percent in July
- Government had raised fuel and electrcity prices to cut costs
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Egypt’s urban annual inflation rate accelerated in July to its highest level in decades, fueled by a new round of subsidy cuts ordered under the government’s economic reform program.
Annual consumer prices in urban areas climbed 33 percent, up from 29.8 percent in June, according to the state-run CAPMAS statistics agency. The month-on-month rate accelerated to 3.2 percent from 0.8 percent in June. Annual core inflation, which strips out volatile and regulated items, rose to 35.26 percent, according to the central bank.