January 10, 2018 / 6:16 AM / a year ago

Egypt's finance minister expects inflation rate below 20 pct next month

CAIRO, Jan 10 (Reuters) - Egypt’s inflation is expected to fall below 20 percent next month and to between 10-12 percent during 2018, finance minister Amr El Garhy said on Wednesday.

Annual urban consumer price inflation fell to 21.9 percent in December from 26 percent in November, the official statistics agency CAPMAS said earlier on Wednesday.

Inflation has climbed since Egypt floated the pound currency in November 2016, reaching a record high in July on the back of energy subsidy cuts. It has gradually eased since July.

Reporting by Ehab Farouk; Writing by Arwa Gaballa; Editing by Simon Cameron-Moore

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