Egypt has experienced an increase in its annual urban consumer price inflation in July. The annual urban consumer price inflation catapulted from 29.8 percent in June to 33.0 percent in July. The Central Agency for Public Mobilization and Statistics (CAPMAS) said on Thursday.
The current rate is the highest Egypt has experienced since the country floated its currency in November last year as part of a deal with the International Monetary Fund.
In a bid to meet up the requirements of the $12 billion IMF loan agreement, Egypt raised fuel prices by up to 50 percent in July.