Inflation in urban parts of Egypt accelerated to its fastest level since November 2018 on the back of higher food costs.Consumer prices climbed 14.6% from a year earlier in August, versus 13.6% the previous month.
Food and beverage costs, which make up the largest single component of the inflation basket, jumped 23.1%. On a monthly basis, price growth slowed to 0.9% from 1.3% in July.
Core inflation, a gauge that strips out volatile items like food, accelerated to 16.7% in August from 15.6% the month before, the central bank said. That’s the highest since December 2017.
Last month, Egypt’s Monetary Policy Committee maintained the deposit rate at 11.25% and the lending rate at 12.25% for a second consecutive meeting.
The country has hiked rates by a cumulative 300 basis points since March,
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