Egypt's core inflation rise to 2.5% in April: CBE

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Sun, 10 May 2020 - 03:42 GMT

FILE -CBE

FILE -CBE

CAIRO – 10 May 2020: Egypt’s annual core inflation rate recorded 2.5 percent in April 2020, up from 1.9 percent in March 2020, according the Central Bank of Egypt (CBE) announced Sunday.

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

CBE said in a statement on its website Sunday that the core inflation recorded a monthly rate of 1 percent in April 2020, compared to 0.4 percent in April 2019, and 0.4 percent in March 2020.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual consumer price inflation hiked to 5.9 percent in April 2020, compared to 12.5 percent in April 2019.

The sustainable development plan for 2020/2021 expected the inflation rate to increase to 9.8 percent if the crisis continued until December 2020.

Inflation remains within the Central Bank of Egypt’s (CBE) target range of 9 percent, plus or minus 3 percentage points, despite the precautionary measures taken aiming to curb the spread of coronavirus that are expected to raise the rate of inflation.

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