Egypt inflation quickens to highest level in years

Food prices rose 29.3 percent in Egypt, with bread and cereal rising 54.1 percent, rice rising 77 percent, and flour rising 52.7 percent, the Central Agency for Public Mobilisation and Statistics saidEgypt’s annual inflation rate rose to 24.3 percent in December, official figures showed on Tuesday, two months after the government floated the pound sparking the biggest price hikes in years. Consumers have been hit by surging prices since November when then government floated the currency and slashed fuel subsidies as part of an economic reform package linked to a $12 billion International Monetary Fund loan. The inflation rate is the highest since at least January 2011, according to central bank figures available online.


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