Egypt’s inflation rises to 33pc in July

CAIRO: Egypt’s annual urban consumer price inflation jumped in July to 33.0 per cent from 29.8 per cent in June, the official CAPMAS statistics agency said on Thursday. The rate is the highest since Egypt floated its currency in November last year as part of a deal with the International Monetary Fund. Egypt raised fuel prices by up to 50 per cent in July to help meet the terms of the $12 billion IMF loan agreement. — Reuters