Egypt’s annual core inflation falls to 6.4% in June

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Wed, 10 Jul 2019 - 03:58 GMT

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

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

CAIRO – 10 July 2019: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 6.4 percent in June 2019, from 7.8 percent in May 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 Wednesday that the core inflation recorded a monthly rate of 0.3 percent in June 2019, compared to 1.2 percent in May 2019.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier Wednesday that Egypt’s annual consumer price inflation rose to 8.9 percent in June 2019, compared to 13.8 percent in June 2018.

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.

Egypt targets an inflation rate of 10.9 percent in fiscal year of 2019/2020 and was targeting 13 percent in 2018/2019 budget.

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