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Egypt’s Feb. annual urban consumer price inflation hits 30-yr high

Egypt’s Feb. annual urban consumer price inflation hits 30-yr high

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Egypt’s annual urban consumer price inflation soared to its highest level in more than three decades, hitting 30.2 percent in February, the statistics agency CAPMAS said on Thursday.

Image result for egypt bread
It is the fourth consecutive jump in inflation since the central bank abandoned its currency peg to the US dollar on Nov. 3 in a dramatic move that has since seen the currency depreciate roughly by half.
Urban consumer price inflation had reached 28.1 percent in January year-on-year. The February number is the highest level since November 1986, when it reached 30.6 percent, according to Reuters data.

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