Egyptian inflation hits decade high

Egypt’s core inflation has soared to its highest level in more than a decade, hitting 30.86 per cent in January as the effects of a currency float and IMF-endorsed austerity measures ripple through the economy.

Prices have risen sharply since Egypt abandoned its currency peg to the US dollar on November 3.

The pound has roughly halved in value and urban consumer price inflation, released on Saturday, reached 28.1 per cent in January year on year from 13.6 per cent in October. January’s 30.86 per cent core inflation reading compares with 25.86 in December.