Egypt fears second-round effects, raises rates

The Central Bank of Egypt has increased its three key rates in a bid to contain the impact of soaring food costs.

Headline CPI inflation rose to 20.2% in the year to June from 19.7% the previous month, with domestic food-price inflation remaining broadly unchanged. However, the central bank said it was concerned that food inflation could begin to impact prices for other products.

"International food prices are still high but have declined from their recent record levels over the past three mo

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