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Egypt’s annual core inflation drops to 4.9% in August: CBE

Tue, Sep. 10, 2019
CAIRO – 10 September 2019: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 4.9 percent in August 2019, from 5.9 percent in August 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 Tuesday that the core inflation recorded a monthly rate of -0.4 percent in August 2019, compared to 0.1 percent in July 2019, and 0.6 percent in August 2018.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier Tuesday that Egypt’s annual consumer price inflation declined to 6.7 percent in August 2019, compared to 13.6 percent in August 2018.

Inflation surged in Egypt since the flotation 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 10.5 percent in fiscal year of 2019/2020 and was targeting 13 percent in 2018/2019 budget.
 
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