Egypt Inflation Made Surprise Surge Even Before FX Plunge

Egypt’s inflation rate unexpectedly accelerated in February, a trend that may continue after a much-anticipated flotation of the pound aimed at turning around the troubled economy.

Consumer prices in urban parts of the North African country rose by an annual 35.7% last month compared with 29.8% in January, according to data published Sunday by the state statistics agency CAPMAS. Prices were up 11.4% month on month, a record according to data compiled by Bloomberg News stretching back to 2007.

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