Egypt urban consumer inflation hits highest since January 2010

Egypt’s annual urban consumer inflation rose to 13 percent in November, state statistics agency CAPMAS said on Tuesday, hitting its highest level since January 2010.

Egypt’s economy has been crippled by political and economic turmoil since a popular uprising toppled autocrat Hosni Mubarak in 2011. Gross domestic product grew only 2.1 percent in the year to June 30.

Last week Egypt’s central bank, saying it was more concerned about boosting growth than taming inflation, unexpectedly cut its key interest rates by 50 basis points.

Urban consumer inflation stood at 10.4 percent in October and at 4.25 percent in November 2012.

The interim government launched a 29.6 billion Egyptian pound ($4.3 billion) stimulus package, aided by over $12 billion in aid pledged by Arab Gulf countries after the army ousted Islamist President Mohammad Mursi in July following mass protests against his rule.