Egypt inflation surges to 33% after fuel subsidy cuts

Propellerads

Egypt’s official statistics agency says the country’s inflation rate has jumped to 33% in July – up from 29.8% in June.

The announcement comes as Egyptians struggle in the face of steep price hikes as part of the government’s economic reform plan.

The Central Agency for Public Mobilization and Statistics made the announcement on Thursday.

Economists believe the hike is driven by an increase in fuel prices. They expect inflation to remain above 30% over the next two months, especially after an increase in electricity, transportation and drinking water prices.

Egypt raised fuel prices in June by 55% for the commonly used 80-octane gasoline and diesel. It also doubled the price of the butane gas canisters, used in the majority of Egyptian households for cooking.

 

 

AP

You might also like More from author

Comments

21