Annual inflation in the cities of Egypt, its highest level in nearly 30 years

Business & Finance

Alaguetsaj News ..
Central Agency for Public Mobilization and Statistics data showed on Thursday that the annual inflation rate in the cities of Egypt jumped to 30.2 percent in February, its highest level since November 1986, when 30.6 percent reached.

Inflation continues to rise so after he arrived in January to 28.1 percent compared with 23.3 percent in December.

He said Reham ElDesoki numbers of Capital, told Reuters that the jump that occurred in the dollar since February February 2016 "is the reason for the emergence of inflation at these levels, which announced on Thursday. I expect continued rise last month or two before it starts to decline."

Egypt and abandoned on the third of November for pegging the pound to the US dollar exchange rate in a surprise move that led since then to a decline in the currency by almost half.

The total purchase price of the dollar in the state banks on Thursday around 17.55 pounds compared to 7.83 pounds in February in February 2016.

Egypt is experiencing tremendous leaps in the prices of basic and non-basic goods since the float the pound.

Said Hani Geneina from Beltone Financial, "the most important is the ratio of the monthly decline began to come down this month from last month and this is very positive. Do not forget that in the corresponding year comparison was the price of the dollar is very low."

It showed the Central Agency for Public Mobilization and Statistics data show that the percentage change in inflation for the month of January amounted to 2.6 percent