BREAKING NEWS

Egyptian inflation hits highest level since 2005

By REUTERS

FEBRUARY 13, 2017 22:22

CAIRO - Egypt's core inflation has soared to its highest level in more than a decade, hitting 30.86 percent in January as the effects of a currency float and IMF-endorsed austerity measures ripple through an economy undergoing painful reforms.

Prices have risen sharply since Egypt abandoned its currency peg to the US dollar on Nov. 3.

The pound has roughly halved in value and urban consumer price inflation, released on Saturday, reached 28.1 percent in January year-on-year from 13.6 percent in October.

January's 30.86 percent core inflation reading, which strips out volatile items such as food and fuel, compares with 25.86 in December. It was the highest since at least January 2005, the oldest available on the central bank's website.

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