Urban inflation accelerated from 22 percent in July, the Cairo-based Central Agency for Public Mobilisation and Statistics said yesterday in a faxed statement.
In the month, consumer prices rose 2,4 percent. Country-wide inflation accelerated to 25,6 percent versus 23,1 percent in July, the agency said.
"It’s a surprise," said Simon Kitchen, a Cairo-based economist at EFG-Hermes Holding SAE, the biggest publicly traded investment bank in Egypt.
"We expected that there would be an increase ahead of Ramadan but not this much. The central bank will probably raise interest rates by another 50 basis points when they meet this month."
Published by Mike Hitchen, Mike Hitchen Consulting
