World Economy

Egypt Inflation Unchanged

Egypt Inflation UnchangedEgypt Inflation Unchanged

Egypt’s annual urban consumer inflation was steady at 11.1%, unchanged from the previous month, the official statistics agency CAPMAS said on Sunday, Reuters reported. Egypt said in November it would control the prices of ten essential commodities and use its state grain buyer to import a broader array of goods, in an effort to curb inflation as food prices rise.  In December, credit ratings agency Fitch said in a report, “Inflation is above peers and is forecast to remain near 10%, with structural rigidities aggravated by exchange rate depreciation.” Egyptians spend 40% of their income on food on average, according to a report released by the independent Egyptian Center for Economic Studies.