Consumer prices in the cities of Egypt grew by a record since December, Bloomberg writes with reference to the state statistical office.
Annual inflation in the popular area of Russians resort has reached 5.4 percent in July compared with 4.9 percent last month. In a monthly expression, prices rose by 0.9 percent. Such a phenomenon followed the increase in the cost of electricity and the rise in price of cigarettes. Food and drinks went up for a year by 4.8 percent, and transport – by 6.6 percent.
However, inflation is below the target of the central bank of the country located in the range from five to nine percent. The head of Macroeconomic Research EFG Hermes Mohamed Abu Basha believes that because inflation does not exceed the specified level, the authorities “are in a comfortable position and can do nothing.” Analysts believe that the rise in prices will remain the same in the next year.
The prospects for further acceleration of inflation in Russia in August appreciated the central bank. There noted that at least in July and the first signs of weakening inflationary pressure appeared, talking about the slowdown in prices yet early. Now the indicators exceed four percent for which the regulator is oriented. In June, annual inflation was 6.5 percent.