Egypt's inflation rate hits highest levels since pre-Arab Spring year

Egypt's inflation rate hits highest levels since pre-Arab Spring year
2.5 5

Published December 10th, 2013 - 17:39 GMT via SyndiGate.info

Rate Article:

 
PRINT Send Mail
comment (0)
Urban consumer inflation stood at 10.4 percent in October and at 4.25 percent in November 2012.
Urban consumer inflation stood at 10.4 percent in October and at 4.25 percent in November 2012.
Follow >
Click here to add army as an alert
army
,
Click here to add CAPMAS as an alert
CAPMAS
,
Click here to add Egypt’s Central Bank as an alert
Egypt’s Central Bank
,
Click here to add Hosni Mubarak as an alert
Hosni Mubarak
,
Click here to add Islamist as an alert
Islamist
,
Click here to add Mohammad Mursi as an alert
Mohammad Mursi

Egypt’s annual urban consumer inflation rose to 13 percent in November, state statistics agency CAPMAS said on Tuesday, hitting its highest level since January 2010.

Egypt’s economy has been crippled by political and economic turmoil since a popular uprising toppled autocrat Hosni Mubarak in 2011. Gross domestic product grew only 2.1 percent in the year to June 30.

Last week Egypt’s central bank, saying it was more concerned about boosting growth than taming inflation, unexpectedly cut its key interest rates by 50 basis points.

Urban consumer inflation stood at 10.4 percent in October and at 4.25 percent in November 2012.

The interim government launched a 29.6 billion Egyptian pound ($4.3 billion) stimulus package, aided by over $12 billion in aid pledged by Arab Gulf countries after the army ousted Islamist President Mohammad Mursi in July following mass protests against his rule.

 

Advertisement

© 2013 MBC Group. All Rights Reserved.

Add a new comment

 avatar