Home Tech/AIIndustry & Trade CAPMAS: Egypt’s annual inflation rate drops 31.6% in September

CAPMAS: Egypt’s annual inflation rate drops 31.6% in September

by Yomna Yasser

Egypt’s annual urban consumer price inflation eased slightly in September to 31.6 percent from 31.9 percent in August, the county’s statics official agency CAPMAS said Tuesday.

Inflation soared to a record high in July on the back of fuel and energy subsidy cuts by the government.

Import-dependant Egypt abandoned its currency peg to the U.S. dollar last November and the currency has depreciated roughly by half since then.

Source: Reuters

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