Egypt's annual urban inflation eases to 31.9% in August

Egypt’s annual urban rate of inflation dipped slightly in August, dropping to 31.9 percent from 33 percent in July, the official statistics agency CAPMAS said on Sunday.
Urban inflation climbed in July to its highest level in decades following subsidy cuts introduced by the government as part of a series of economic reforms aimed at improving the country's finances.

Urban consumer prices in August rose 1.1 percent in the month, while July saw a monthly increase of 3.2 percent, with spikes in fuel and electricity prices a key factor.

Food prices in August showed a year-on-year increase of 42.2 percent, while housing, water, electricity and gas prices have climbed by 7.7 percent, CAPMAS added.

In November 2016, Egypt floated its currency, slashing the value of the pound by half and triggering heavy inflation.