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Egypt's annual inflation rises to 29.6%, highest since 2005

Staff Writer | February 13, 2017
Egypt's annual inflation rate rose to 29.6 percent in January 2017 compared to 24.3 percent in December 2016.
Africa   Prices hikes in basic commodities
This is according to the Central Agency for Public Mobilisation and Statistics (CAPMAS) announced.

This is highest level of urban consumer price inflation since the Central Bank of Egypt (CBE) records began in 2005.

The CAPMAS attributed the sharp increase in inflation to prices hikes in basic commodities and services.

Prices have soared since the CBE allowed in early November full float of the Egyptian local currency to limit shortage of foreign currency.

The official exchange rate of the U.S. dollar then rose from less than nine pounds to over 17.79 pounds at the moment.

In an earlier report in January, the CBE stated that Egypt's total foreign debt increased by about $4.4 billion to hit $60.2 billion as of end of September 2016, compared to $55.8 billion in the end of June 2016 and $46.1 billion in the first quarter of last fiscal year 2015/2016.

Egypt's fiscal year is from early July to end of June.

The total foreign debt currently represents 16.3 percent of the country's Gross Domestic Product (GDP), while the total domestic debt rose by end of September 2016 to reach about $154.4 billion .