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Egypt’s Inflation Rate Spikes in June Amid Price Hikes

Egypt’s annual inflation rate increased to 13.8 percent in June, the first time it has jumped in 11 months following a new round of austerity measures designed to overhaul the country’s economy, the official statistics agency said Tuesday.

The figure, announced by the Central Agency for Mobilization and Statistics, covers the period from July 1, 2017 to June 30, 2018.

The June rate compares to 11.5 percent in May, covering the period of June 1, 2017 to May 31, 2018.

The agency attributed the increase to a hike in the price of some commodities, including vegetables (4 percent) and cereals and bread (2 …read more