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Egypt's annual urban consumer price inflation decreases to 11.4 pct in May - CAPMAS

Sunday 10/June/2018 - 10:45 AM
Sada El Balad
edited by: Basant Ahmed
Egypt’s annual urban consumer price inflation fell to 11.4 percent in May، down from 13.1 percent in April، the official statistics agency CAPMAS said on Sunday، Reuters reported.

Inflation surged in 2017 on the back of economic reforms tied to a $12 billion IMF loan programme Egypt signed in late 2016 that includes deep cuts to energy subsidies and tax hikes.

last April، Egypt’s annual urban consumer price inflation fell to 13.3 percent in March from 14.4 percent in February، the official statistics agency CAPMAS said on Tuesday، Reuters reported.

Inflation has climbed since Egypt floated its pound currency in November 2016، reaching a record high in July after energy subsidy cuts. It has gradually eased since then.

last February، Planning minister Hala al-Saeed assured that inflation reached its highest level in last July، but it began to decline to 17% as a result of the production increase.

The increase in production helped in creating employment opportunities and thus reducing unemployment rate to 11.3%، the minister added.

Egypt’s annual inflation rates declined in January 2018 to the lowest levels since the country floated its currency in November 2016، according to data released by the Central Bank of Egypt (CBE) and the state statistics agency CAPMAS.

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