Egypt inflation surges to 33% after fuel subsidy cuts
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.