Egypt's Cost-of-Living Soars as Currency Dives 1 234 567

Egypt's Cost-of-Living Soars as Currency Dives

voanews.com

Annual consumer price inflation in Egypt's cities soared to a second straight eight-year high in December, hitting 23.3 percent on the back of the government's decision to float the pound, effectively halving its value.

Core inflation also jumped to 25.86 percent in the urban areas, the central bank said on Tuesday.

Urban consumer inflation hit an eight-year high of 19.4 percent in November, the month when Egypt abandoned its currency peg of 8.8 to the U.S. dollar in a dramatic...

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