Egypt's inflation hikes to 18.7 pct, highest in 5 years

CAIRO, Dec. 8 (Xinhua) -- Egypt's annual urban consumer inflation rate rose from 16.2 percent in October to 18.7 percent in November, the country's Central Agency for Public Mobilization and Statistics said Thursday.

The inflation hike in November marks the highest increase since December 2017, when it reached 21.9 percent.

Egypt's central bank lowered the Egyptian pound's price by 14.5 percent on Oct. 27 and has since been allowing it to weaken gradually.

The month-on-month inflation surge in the most populous Arab country was driven by the COVID-19 pandemic first and then the Russian-Ukrainian conflict, which both led to a global wave of rising inflation.

Egypt announced in late October that it had reached a deal with the International Monetary Fund for a loan of 3 billion U.S. dollars to support its economy.

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