- CAIRO: Government figures show that Egypt’s annual inflation rate spiked past 12 percent in April, dragged higher by an increase in food prices that had also helped precipitate the uprising against former President Hosni Mubarak.
The Central Agency for Public Mobilization and Statistics said annual urban inflation climbed to 12.1 percent in April compared to 11.5 percent in March.
The statistical agency said food prices were up 20.7 percent in April compared to the same month last year.
Surging food prices, along with inflation, were among the catalysts for the uprisings that toppled Mubarak.
Since then, the economy has been battered by waves of labor unrest, a drop in foreign direct investment and tourism and a sharp decline in net international reserves.