Live Update 
From the Liveblog of
Tuesday, July 10, 2018
From the Liveblog of
Tuesday, July 10, 2018
Egypt’s inflation rate spikes in June amid price hikes
Add ToI as a Preferred Source on GoogleEgypt’s official statistics agency says annual inflation increased to 13.8 percent in June after a new round of austerity measures designed to overhaul the country’s economy.
The figure, announced Tuesday by the Central Agency for Mobilization and Statistics, is an increase from 11.4% in May.
Inflation peaked last summer, hovering around 30% after the government cut fuel and electricity subsidies as part of broader economic reforms to meet demands by the International Monetary Fund for a $12 billion bailout loan.
The measures under President Abdel-Fattah el-Sissi caused prices of basic goods to spike, hitting poor and middle-class Egyptians especially hard.
— AP
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