Egypt Inflation Rate at 6-Year High
Consumer prices in Egypt increased 13.1 percent year-on-year in May of 2015. It is the highest rate since February of 2009.
6/12/2015 3:22:28 PM
Consumer prices rose sharply after the government cut energy subsidies in July of 2014, leading cost of gasoline, diesel and natural gas to rise as much as 78 percent.
In May, prices of food and beverages rose 14.75 percent year-on-year and housing and utilities went up 6.06 percent. Additional upward pressure came from cost of medical care (up 2 percent) and transportation (up 21.8 percent). In contrast, communication cost fell 0.18 percent.
Annual core inflation rate accelerated to 8.14 percent in May, the highest since October last year when it reached 8.47 percent.
The finance minister recently said it expects inflation rate to ease to single digit in the next two or three years.