Egypt’s core annual inflation accelerates to 6.26% in October: CBE
Central Bank of Egypt -YOUM7 (Archive)

CAIRO: Egypt’s core annual inflation rate inched up to 6.26 percent in October, from 5.55 percent in September, the Central Bank of Egypt (CBE) reported Tuesday.

Earlier on Tuesday, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual urban consumer inflation jumped to 9.7 percent in October from 9.2 percent in September.

Experts agreed that Egypt’s state banks’ decision this week to launch savings certificates for Egyptian pounds with an interest rate of 12.5 percent, will be a step to support the currency after devaluation, raising anticipation of a central bank policy rate hike in December.

Inflation soared in Egypt last summer after the government cut energy subsidies by 40 billion EGP ($5.6 billion) in July 2014, raising fuel prices by up to 78 percent.

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