Pricey Egypt
Egypt’s inflation picks up after $57 billion international bailout
The most recent CPI is scaling back expectations that Egypt’s central bank would cut the benchmark interest rate from its all-time high of 27.25%
View of Cairo and the Nile (Getty Images)
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Egypt’s inflation is picking up again after slowing for five months amid the $57 billion international bailout led by the International Monetary Fund and the UAE.
The consumer price index rose 2.1% in August, indicating the fastest inflation rate since February.
Prices had been stabilizing in Egypt despite recent food subsidy cuts and hikes in fuel and electricity.
The most recent CPI is scaling back expectations that Egypt’s central bank would cut the benchmark interest rate from its current all-time high of 27.25%, Bloomberg reports.