Egypt Reached Highest Level of Inflation in May

Egypt Reached Highest Level of Inflation in May

Egypt has reached the highest level of inflation in seven years in May, another challenge for policy makers trying to tackle a shortage of foreign currency that is slowing growth, Bloomberg informed.

Annual core inflation, a measure of price increases of non-volatile consumer goods, reached 12.23%, the highest level since February 2009, compared with 9.51% in April, the Central Bank of Egypt (CBE) said in a statement.

Previously in March, the CBE weakened the Egyptian pound by 13%, which was most in more than a decade, and promised to adopt a more flexible exchange rate to attract foreign investment that can alleviate the currency shortage, reported Ahram Online.

Login

Welcome! Login in to your account

Remember me Lost your password?

Lost Password