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

Thu, Aug. 9, 2018
CAIRO – 9 August 2018: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 8.54 percent 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.

Research and Economic Association expected the inflation to slightly rise during July 2018 as a result of lowering the fuel subsidy and increasing electricity prices.

The Cabinet announced on June 16 lowering the fuel subsidy to 25 percent, after cutting electricity subsidies on June 12, raising prices by an average of 26 percent in the 2018-2019 fiscal year that began in July.

Egypt's annual inflation falls to 13% in July

CAIRO - 9 August 2018: Egypt's annual consumer price inflation slipped to 13 percent in July 2018, compared to 34.2 percent in the same month of 2017 that rose due to the flotation of the Egyptian currency, state-statistics body said Thursday.



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