Egypt Inflation Rate Accelerates for First Time in 11 Months
- Monthly prices rose in June at fastest pace since January 2017
- IMF says central bank should keep monetary policy tight
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Egypt’s inflation accelerated for the first time in 11 months in June after the government slashed fuel and electricity subsidies to help reduce the budget deficit.
Inflation in urban parts of the country, the rate closely watched by the central bank, climbed to 14.4 percent from 11.4 percent in May, according to the state statistics agency. Prices rose 3.5 percent on the month, the most since January last year.