Egyptian agency says inflation has risen to 31.5%

2017-05-11 12:03
File: AFP

File: AFP

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Cairo - Egypt's statistics agency says inflation has risen to 31.5% with a spike in urban consumer prices in April.

The figure underscores how Egyptian citizens are bearing the brunt of a struggling economy and the government's tough economic measures.

The state-run Central Agency for Public Mobilization and Statistics says in its latest figures released on Wednesday that food prices spiked by 43.9% last month, compared to the same month last year.

Egypt's inflation rate has been steadily rising since the country floated its currency in November to secure a $12 billion loan from the International Monetary Fund.

It jumped from 14% to 20% in the first month of floatation and continued to soar, with the pound losing half its value, plunging to around 18 to the dollar.

Read more on:    egypt  |  north africa

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