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CAIRO, Oct 10 - Egypt's annual urban consumer price inflation rose to a historic high of 38.0% in September, climbing from 37.4% in August and topping analyst expectations, data from statistics agency CAPMAS showed on Tuesday.
The median forecast of 18 analysts polled this week had shown annual urban consumer inflation rising to 37.6% in September.Inflation also accelerated on a monthly basis, with prices rising by 2.0% compared with a 1.6% increase in August, Allen Sandeep of Naeem Brokerage said. It was their fastest pace of increase since June.
Seeking to fight food inflation, the government said on Monday it had agreed with private producers and retailers to cut prices on staple foods by 15-25% and exempt them from customs duties for six months.
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