Egypt’s annual core inflation fells to 1.9% in February: CBE

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Tue, 10 Mar 2020 - 02:47 GMT

FILE - CBE

FILE - CBE

CAIRO – 10 March 2020: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate decreased to 1.9 percent in February 2020, down from 2.7 percent in January 2020, 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 0.2 percent in February 2020, compared to 1 percent in February 2019, and 0.7 percent in January 2020.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual consumer price inflation recorded 4.9 percent in February 2020, compared to 13.9 percent in February 2019.

Inflation has surged in Egypt since the flotation of the Egyptian pound in November 2016, reaching a high record level in July 2018 due to energy subsidy cuts, and gradually easing since July 2019.

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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