Egypt’s annual inflation drops to the lowest level in 14 years

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Sat, 25 Jul 2020 - 12:35 GMT

Fruits and vegetables - REUTERS

Fruits and vegetables - REUTERS

CAIRO- 25 July 2020:  Egypt’s annual consumer price inflation declined to the lowest level in 14 years, recording 5.7 percent in 2019/2020 compared with 13.9 percent in 2005/2006, according to infographics published by Egypt’s cabinet on Saturday.

 

The cabinet attributed the decline of inflation to the decrease in food prices.

 

The inflation recorded 5 percent in May 2020, compared to 13.2 percent in May 2019, stated the Central Agency for Public Mobilization and Statistics (CAPMAS) in June.

 

The annual consumer price inflation recorded 4.6 percent in March 2020, compared to 13.8 percent in March 2019.  In Feb. 2020, Egypt's annual inflation reached 4.9 percent.

On a monthly basis, inflation recorded 105.8 points in March 2020, marking an increase of 0.6 percent compared to February 2020, CAPMAS added.


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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