The Central Bank of Egypt (CBE) announced Wednesday that Egypt’s annual core inflation rate hit 8.9 percent in March 2019 compared to 9.2 percent in February، a decline of 0.3 percent.
On a monthly basis، inflation decreased 0.5 percent in March، compared to 1 percent in February، the CBE added. Core inflation discounts or strips out certain categories that are considered more volatile.
Inflation surged in Egypt since the floatation of the Egyptian pound in November 2016، reaching a record high level in July due to energy subsidy cuts that have been gradually easing since July.
Egypt targets an inflation rate of 13 percent in its fiscal year 20182019 budget.