Egypt’s annual urban consumer inflation rises to four-year high in September

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Egypt’s annual urban consumer inflation rose to 15 percent in September, its highest in four years, data from the country’s statistics agency CAPMAS showed on Monday.

Inflation increased to 15 percent year-on-year from 14.6 percent year-on-year in August, according to CAPMAS data. This was the highest since November 2018, when it hit 15.7 percent.

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The inflation rate for all of Egypt was at 15.3 percent in September, the same as August, the data showed.

Egypt’s central bank, whose Monetary Policy Committee meets next on November 3, targets a rate between 5 percent and 9 percent, but in June said it expected inflation to exceed the target in the fourth quarter before subsequently declining.

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