Egypt’s annual core inflation hits 8.3% in December: CBE

CAIRO – 10 January 2019: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate rose to 8.3 percent in December 2018, from 7.94 percent in November 2018, according to a report.

In November, the core inflation declined to 7.94 percent from 8.86 percent in October.

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

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier on Thursday that the annual inflation rate declined to 11.1 percent in December 2018, compared to 22.3 percent in December 2017.

On a monthly basis, inflation decreased 4.1 percent in December, compared to the previous month, to record 296.5 points, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

Egypt's annual inflation hits to 11.1% in December

CAIRO - 10 January 2018: Egypt's annual consumer price inflation dropped to 11.1 percent in December 2018, compared to 22.3 percent in the same month of 2017, state-statistics body said Thursday, Jan. 10. In November, Egypt's annual consumer price inflation recorded 15.6 percent, compared to 26.7 percent in the same month of 2017.

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 2018/2019 budget.