December 10, 2017 / 7:59 AM / a year ago

Egypt's finance minister says expects Jan inflation at 20 pct

Egyptians shop at a vegetable market in Cairo, Egypt, October 11, 2017. REUTERS/Mohamed Abd El Ghany

CAIRO (Reuters) - Egypt’s inflation rate is expected to drop to 20 percent in January and to 13-14 percent by August, Finance Minister Amr El Garhy said on Sunday.

Egypt’s annual urban consumer price inflation fell to 26 percent in November from 30.8 percent in October, the official statistics agency CAPMAS said on Sunday.

Inflation has soared since the country floated the pound currency in November last year, slashing its value by half.

Reporting by Ehab Farouk; writing by Arwa Gaballa; editing by Jason Neely

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