Egypt's annual headline inflation rose to a new all-time high of 36.5% in July, in line with analysts' expectations, as food prices soared, data from the country's statistics agency CAPMAS showed on Thursday.
Core inflation, which strips out volatile items like food and fuel, eased slightly to 40.7% in July from 41% in June.
"We expect inflation to average c.32% in 2023, with possible upside on the continuation of the implementation of deeper fiscal reforms, including possible higher electricity tariffs and approving new telecom tariffs," she added. Noaman Khalid of NBK said an unfavourable base effect from last year continued to push inflation upwards, even though the monthly rate dropped to 1.9%.
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