Egypt's annual core inflation records 41% in June: CBE

CAIRO - 10 July 2023: Egypt’s annual core inflation rate recorded 41.0 percent in June 2023, compared to 40.3 percent in May 2023, the Central Bank of Egypt (CBE) said in a statement Monday.

The CBE also reported that the monthly core Consumer Price Index (CPI) in Egypt has recorded a monthly rate of 1.7 percent in June 2023, compared to 1.2 percent in the same month of the previous year, and to 2.9 percent in May 2023.

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

Egypt’s annual urban inflation rate increased to 35.7 percent year-on-year in June, recording an all-time high, from 32.7 percent in May 2023, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Monday.

CAPMAS also reported that the monthly headline urban CPI inflation recorded 2.1 percent in June 2023, compared to negative 0.1 percent in the same month of the previous year, and to 2.7 percent in May 2023.