(MENAFN) Egypt's Official Statistic Agency (CAMPAS) said that the country's annual consumer price inflation was pushed up in December due to an increase in the costs of food and housing, The Peninsula Qatar reported.
In December, annual urban consumer inflation rose to 10.1 percent in comparison with 9.1 percent the in November when they fell from a peak of 11.8 percent in October.
"The rise in Egyptian inflation last month, which took it back into double digits, rules out any possibility of an interest rate cut," CAMPAS said.
Inflation rates in Egypt have been increasing since July when the government decided to cut energy subsidies in an effort to strengthen its finances, with the Central bank increasing the rates and keeping them on a higher level despite the continuous global plunge in oil prices.
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