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Egypt inflation rises most in two years
- Egypt: Monday, February 11 - 2013 at 05:09
According to Egypt's Central Agency for Public Mobilisation and Statistics, the country's consumer prices posted the biggest increase last month in more than two years after the pound weakened to a record and foreign reserves slid, Bloomberg has reported. Prices rose 1.7%, compared with 0.2% in the previous month, while the annual rate climbed to 6.3% from 4.7%, the data showed. The pound has weakened 7.8% against the dollar since December 30, as the central bank started capping the amount of dollars each lender can buy at currency auctions. The regulator said the policy seeks to conserve reserves, which have plunged more than 60% since the revolt to $13.6bn last month.
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