Egypt inflation rises in June

Egypt's annual urban inflation rate edged up to 10.7 percent in June, a moderate rise that analysts do not expect will prompt the bank to raise interest rates this month. Seven analysts cited forecasts for urban inflation - the most closely watched indicator of prices - that ranged from 10.1 to 11.5 percent. The average of the forecasts was 10.66 percent.
They mainly attributed the rise to an increase in prices of food and beverages, which account for more than 40 percent of the weighting of the basket Egypt uses to measure inflation. Economists expect inflation to continue rising in July and August on the back of higher consumer spending during the summer holidays and ahead of the Muslim holy month of Ramazan.