Egyptian agency says inflation has risen to 31.5 percent
CAIRO (AP) — Egypt’s statistics agency says inflation has risen to 31.5 percent with a spike in urban consumer prices in April.
The figure underscores how Egyptian citizens are bearing the brunt of a struggling economy and the government’s tough economic measures.
The state-run Central Agency for Public Mobilization and Statistics says in its latest figures released on Wednesday that food prices spiked by 43.9 percent last month, compared to the same month last year.
Egypt’s inflation rate has been steadily rising since the country floated its currency in November to secure a $12 billion loan from the International Monetary Fund.
It jumped from 14 percent to 20 percent in the first month of floatation and continued to soar, with the pound losing half its value, plunging to around 18 to the dollar.