Egypt’s Inflation jumps at 30%

Inflation has hovered around 30% in January 2017, up 5 percentage points over December 2016, and generating growing concerns over the state of the Egyptian economy. Recent moves by President Abdel-Fattah Al-Sissi’s government of letting the Egyptian pound float and cutting fuel subsidies in line with a reform package backed by a 12 billion dollars IMF bailout loan have fueled negative side-effects that could damage the country’s stability. As a consequence of growing economic difficulties, European sources fear an increased influx of “migrants” including more people from Egypt.