Egypt's annual headline inflation soars

Egypt’s annual headline inflation rose to 29.6 percent in January, from 24.3 percent in December, hitting its highest level since the country floated its currency against the dollar, in November.

According the country’s statistics agency (CAPMAS) , the spike was due to price hikes in basic goods and services.

The cost of foodstuffs and beverages rose by 7 percent this January, compared to November and 38.6 percent year-on-year.

Prices of basic commodities have soared since November, while the Egyptian pound has halved against the dollar.

Separately, Egypt is looking to increase its domestic wheat production to 10 million tonnes, from the current 8 million, over the next three years.

This is part of a strategy towards attaining self sufficiency in the crop. The north African country is the world’s largest buyer of wheat.