Egypt consumer inflation picks up to 11.5 pct in August

Wednesday 10-09-2014 12:41 PM
Egypt consumer inflation picks up to 11.5 pct in August

People walk in front of Central Bank of Egypt Headquarters in Cairo December 30, 2012. REUTERS/Amr Abdallah Dalsh

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CAIRO, Sept 10 (Reuters) - Egypt's annual urban consumer inflation climbed to 11.5 percent in August from 11 percent in July, the official statistics agency CAPMAS said on Wednesday.

Egypt's economy has been in turmoil since a popular uprising ousted autocrat Hosni Mubark in 2011, deterring tourists and foreign investors and straining the country's finances and foreign reserves.

Egypt's annual core inflation -- which strips out subsidised goods and volatile items such as fruit and vegetables -- climbed to 10.07 percent in August from 9.57 percent in July, the central bank said.

Despite billions of dollars in aid from Gulf states and two stimulus packages, economic recovery in the most populous Arab nation has been slow. (Reporting by Michael Georgy; Editing by Toby Chopra)

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