Inflation in Egyptian cities is expected to rise to a new record high in August, after breaking records in June and July, as tobacco prices and culture and entertainment services increase, a Reuter’s poll showed.
Annual urban consumer price inflation rose to 37.1 percent after hitting all-time highs of 36.5 percent in July and 35.7 percent in June. The previous high was recorded in July 2017 at 32.95 percent.
Seeking to contain inflationary pressures and inflation expectations, the central bank raised its overnight policy interest rate by 100 basis points on Aug. 3 to bring the deposit rate to 19.25 percent.
Source (Al-Arabiya.net Website, Edited)
