Egypt’s annual inflation rate inched up to 6.26 percent in October

Egypt’s core annual inflation rate inched up to 6.26 percent in October, from 5.55 percent in September, the Central Bank of Egypt (CBE) reported Tuesday.Earlier on Tuesday, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual urban consumer inflation jumped to 9.7 percent in October from 9.2 percent in September.

Inflation soared in Egypt last summer after the government cut energy subsidies by 40 billion EGP ($5.6 billion) in July 2014, raising fuel prices by up to 78 percent.