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Aug 09 2012

Egypt Urban Inflation Eases to 6.4% in July Vs 7.3% in June 2012

Thursday, Aug 09, 2012

CAIRO (Zawya Dow Jones)--Egypt's urban inflation rate, the most closely watched indicator of prices, dropped to 6.4% in July, from 7.3% in June, as the price of commodities fell, data from the country's statistics agency showed Tuesday.

The cost of food and beverage, which accounts for the biggest slice of the consumer price index and has the largest impact on the inflation rate, stood at 8.1% in July compared with 9.3% in June, according to data published on the Central Agency for Public Mobilization and Statistics website.

The central bank left its key interest rate unchanged for the fifth consecutive meeting last month.

Egypt's international reserves fell to $14.42 billion at the end of July from $15.53 billion in June, reversing gains made in the foreign exchange balance over the last two months, central bank figures showed Tuesday.

-By Farah Halime; Contributing to Dow Jones Newswires; +20111 4994453

Fhalime@gmail.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

09-08-12 1039GMT


© Copyright Zawya. All Rights Reserved.


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