Cairo – Mubasher: The inflation rate in Egypt rose 34.2% year-on-year in July 2017, the Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Thursday.
The annual inflation rate went up by 31.94% in June 2017, versus 30.57% in May 2017.
The prices of food and beverages, meat and poultry, and vegetables jumped 43%, 45.4%, and 34.4%, respectively.
On a monthly basis, the consumer price index (CPI) rose notably by 3.3% in July 2017 due to the increase in petroleum materials prices.
On 29 June 2017, the Cabinet approved to increase prices of some petroleum materials such as the prices of 92-octane gasoline, diesel fuel, and gas cylinders from EGP 3.5 to EGP 5 per litre; EGP 2.35 to EGP 3.65 per litre; and EGP 15 to EGP 30 per cylinder, respectively.
Inflation is still leaping since the liberalisation of the exchange rate on 3 November 2016, and the lowering of energy subsidies.
