CAIRO – 10 June 2019: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 7.8 percent in May 2019, from 8.1 percent in April 2019, according to a report.
Core inflation discounts or strips out certain categories that are considered more volatile.
CBE said in a statement on its website on Monday that the core inflation recorded a monthly rate of 1.2 percent in May 2019, compared to 0.4 percent in April 2019.
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier Monday that Egypt’s annual consumer price inflation rose to 13.2 percent in May 2019, compared to 11.5 percent in May 2018.
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.