Egypt’s August inflation reaches 7-year high of 15.5%
Data from the state run agency CAPMAR shows that consumer prices increased by 1.9% on a monthly basis. Food and beverage prices also posted monthly and yearly increases in August, respectively at 1.6% and 19.3%.
Egypt’s government has been trying to clear an International Monetary Fund loan worth $12 billion, however, part of the package includes a new value-added tax which is expected to add to inflation figures. The government has promised economic reforms to stimulate the economy which has been struggling since 2011.
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