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Staff report:

CAIRO, July 11, 2018 - The annual urban consumer inflation dropped to 10.9 per cent in June from 11.1 per cent in May, the Central Bank of Egypt (CBE) said Tuesday.

The CBE on June 28 kept its key interest rates unchanged, expressing concern that inflation would rise after the fuel and electricity prices increased earlier that month.

The bank said the Monetary Policy Committee had decided to keep its deposit and lending rates at 16.75 and 17.75 per cent respectively.