Annual inflation growth in Egypt accelerated to 21.9 percent last December, up from 19.2 percent in November.
According to the Central Agency for Mobilization and Statistics in Egypt, annual inflation rose to 21.9 percent in December from 19.2 percent in the previous month, while monthly inflation rose by 2.1 percent.
On an annual basis, food and beverage price inflation increased by 37.9 percent, due to an increase in grain prices by 58.3 percent, and meat and poultry by 35.5 percent. The prices of the clothing and shoes group increased by 15.6 percent, while the prices of the health care group jumped by 13.6 percent, and the transportation and communications group by 17.3 percent.
The Egyptian pound fell to a new historical level against the dollar, above 27 pounds, at a time when the government and the central bank are searching for channels to enhance the abundance of foreign exchange and withdraw local liquidity from the markets. Moving the exchange rate of the pound in the Egyptian market is one of the main demands of the International Monetary Fund in a $3 billion loan program with Egypt that was approved on December 16.
Source (Anadolu Agency, Edited)
