by Yousef Sabal
Egypt’s annual urban consumer price inflation rose to 3.6% in November from 3.1% in October, the official statistics agency CAPMAS said on Tuesday.
Egypt is emerging from a three-year IMF-backed economic reform program that during 2017 saw inflation spike to as high as 33%. The government has hiked domestic fuel prices several times, most recently in July, as part of the terms of the $12 billion agreement.
Annual urban consumer price inflation had fallen for six consecutive months, between May and October. The central bank has made three consecutive cuts to interest rates since August, slashing them by a cumulative 350 basis points.
The slight rise in inflation was “because of unfavorable base year impacts,” said Yara Elkahky, an economist at Naeem Brokerage. “But it is good news and aligned with our estimate.”
Reporting by Yousef Sabal; Editing by Andrew Heavens
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