CAIRO, July 10 (Xinhua) -- Egypt's annual core inflation rate recorded 10.9 percent in June compared to 11.1 percent in May, the Central Bank of Egypt (CBE) said Tuesday.
The core inflation rate excludes volatile items such as food and energy. However, the country's monthly core inflation recorded a little rise, the CBE said.
"Monthly core CPI (consumer price index), computed by the CBE, recorded 1.6 percent in June compared to 1.5 percent in May," said the bank.
Meanwhile, the annual headline inflation, which measures the total inflation within the economy including volatile commodities such as food and energy, rose from 11.4 pct in May to 14.4 percent in June, the Central Agency for Public Mobilization and Statistics was quoted as saying in a report released on Tuesday.
Inflation rates have been rising in Egypt after the country devaluated its local currency in November 2016 to deal with the shortage of U.S. dollars and start a strict three-year economic reform program based on austerity measures including fuel and energy subsidy cuts and tax hikes.
The liberalization of the Egyptian pound's exchange rate encouraged the International Monetary Fund (IMF) to support Egypt's economic reform plan with a 12-billion-dollar loan, two thirds of which has been delivered already.
In mid-June, Egypt increased fuel prices by up to 66.6 percent to meet the conditions of the IMF loan deal and continue the implementation of the country's economic reform program.
