Egypt's annual core inflation records 40.7% in July: CBE

CAIRO - 10 September 2023: Egypt’s annual core inflation rate recorded 40.7 percent in July 2023, compared to 41 percent in June 2023, according to the Central Bank of Egypt (CBE).

 

The CBE revealed that the monthly core Consumer Price Index (CPI) in Egypt has recorded a monthly rate of 1.3 percent in July 2023, compared to 1.5 percent in the same month of the previous year, and to 1.7 percent in July 2023.

 

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

 

Earlier Thursday, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that the annual inflation rate recorded 38.2 percent in July 2023 an increase from 14.6 percent in July 2022. 

 

Egypt’s consumer price index amounted to 181.1 points for the month of July 2023, recording an increase of 2 percent over the month of June 2023, according to CAPMAS.

 

CAPMAS data showed a decrease in the monthly inflation rate of 1.9 percent compared to 2.1 percent in June. CAPMAS data also showed that Egypt's annual urban consumer price inflation rate in July increased to 36.5 percent year-on-year from 35.7 percent in June.