The Central Agency for Public Mobilization and Statistics (CAPMAS) - CC The Central Agency for Public Mobilization and Statistics (CAPMAS) - CC

Egypt’s annual inflation dips to 4.9 % in Feb., stabilize monthly

Tue, Mar. 10, 2020
CAIRO – 10 March 2020: Egypt’s annual consumer price inflation recorded 4.9 percent in February 2020, compared to 13.9 percent in February 2019, state-statistics body said Feb. 10.

In Jan. 2020, Egypt's annual inflation reached 6.8 percent.

On a monthly basis, inflation recorded 105.2 points remaining at the same levels of January 2020, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

CAPMAS attributed the stabilize in inflation to the decline in prices of some commodities during the month, as vegetables by 5.4 percent, other food products by 0.9 percent, fruits by 0.3 percent, Fish by 0.2 percent and clothes and shoes by 1.3 percent.

It also referred to the increase in the prices of meat and poultry by 1.9 percent, dairy, cheese and eggs by 0.9 percent, cereals and bread by 0.3 percent, and the Restaurants and Hotels Division by 0.7 percent.

At the urban level, the annual inflation rate for January 2020 dipped to 5.3 percent, up from 7.2 percent in January.

In Jan., Cabinet's media center revealed Egypt's average inflation rate recorded 9.2 percent in 2019 compared to 14.4 percent in 2018.

Earlier, the International Monetary Fund (IMF) expected Egypt’s inflation to reach 14 percent in 2019 and 7 percent in 2023.

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.

Inflation remains within the Central Bank of Egypt’s (CBE) target range of 9 percent, plus or minus 3 percentage points.
 
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