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CBE: Egypt’s annual core inflation rate declines 8.5% in July

Thursday 09/August/2018 - 05:43 PM
Sada El Balad
Hassnein Tayea
The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 8.5 % in July 2018 from 10.9 percent in June 2018، according to a report.

On a monthly basis، core inflation recorded 0.6 percent in July 2018، compared to 1.6 percent in June.

Core inflation discounts or strips out certain categories that are considered more volatile.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier Thursday that Egypt’s annual consumer price inflation slipped to 13 percent in July 2018، compared to 34.2 percent in the same month of 2017.

On a monthly basis، inflation increased 2.5 percent in July، compared to the previous month، to record 289.9 points، CAPMAS stated.

Inflation surged in Egypt since the floatation of the Egyptian pound in November 2016، reaching a high record level in July due to energy subsidy cuts and gradually easing since July.


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