According to the Central Bank of Egypt, the level of inflation in the country rose in June by 1.4% and made of 31.95% yoy.
The reason for a sharp rise in inflation was the government’s decision to cut state subsidies on fuel and electricity to obtain a loan from the international monetary Fund.
It is expected that in July-August, the inflation rate will reach 35%.
Meanwhile, the Ministry of transport of Egypt announced that the fares on the Cairo metro will increase from January 2018 at 100%. This increase will be the second in less than a year. In March 2017 the rates were doubled.