Egypt's inflation rate climbs in July

Egypt's annual inflation rate climbed in July, reaching 13% compared to 12.2% in June, official figures revealed Monday. The Central Agency for Public Mobilization and Statistics reported that urban consumer prices also saw an uptick, rising to 14.9% in July from 14.3% the previous month. The monthly inflation rate stood at 0.1% overall, with urban areas experiencing a 0.4% monthly increase.

The cost of food and beverages, a significant factor in Egypt's inflation basket, surged by 8% annually in July. This marks a reversal from June's figures and follows a 0.6% monthly decrease in food prices. Bloomberg News noted that these July inflation numbers end a period of declining inflation that began in April.

In response to the economic climate, the Central Bank of Egypt halted its gradual monetary easing cycle, which had been in place for nearly a year. Analysts widely expect the bank to maintain current interest rates at its upcoming monetary policy meeting on August 20.