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Egypt’s annual urban inflation rate soared to 10.6% for the year to July, from 8.2% a month earlier, reflecting last month’s price hikes in the energy sector, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on 10 August.
In an effort to trim the widening budget deficit, the government on 5 July announced comprehensive price increases for gas and oil products. The increase is important to reduce the massive energy subsidies, which currently stand at 7% of GDP and 22% of total government spending, the World Bank said in its MENA Quarterly Economic Brief published in July.
The price of the lowest value 80 Octane gasoline rose by 77% from E£0.85 ($0.12)/liter, while that for diesel by 64% from E£1.1 ($0.15)/liter. Higher grade 90 Octane gasoline was raised by 41% (MEES, 11 July). Naturally the effect of higher energy prices has had its effects on prices of a large variety of products across the board. Thus price of vegetables rose by 7.4%, fruit by 3% and dairy products by 4.6%. (CONTINUED - 328 WORDS)
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