(MENAFN- Gulf Times) A street trader measures rice by hand at an open air market in Cairo (file). Egypt's annual urban consumer inflation and core inflation both rose, driven in large part by rising food prices. Urban consumer inflation rose to 13.1% in May from 11% in April, the official statistics agency CAPMAS said yesterday.
Core annual inflation, which excludes volatile items like fruits and vegetables, rose to 8.14% in May from 7.19% the previous month, the central bank said. Inflation accelerated in Egypt after the government slashed subsidies in July last year, pushing up fuel prices as much as 78%. Price pressures eased at the end of the year but have since picked back up.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.