Egypt's annual core inflation hits to 3.3% in September: CBE

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Mon, 12 Oct 2020 - 01:37 GMT

FILE - CBE

FILE - CBE

CAIRO – 12 October 2020: The annual core inflation rate reached 3.3 percent in September, up from 0.8 percent in August, the Central Bank of Egypt (CBE) said in a statement.

 

The Consumer Price Index in Egypt has recorded a monthly rate of 0.1 percent in September, compared to negative 2.3 percent for the same month last year, the statement added.

 

On a monthly basis, inflation recorded 107.5 points in September 2020, the Central Agency for Public Mobilization and Statistics (CAPMAS) said. 

 

CAPMAS attributed the inflation rate to the decrease in prices of some commodities during the month, as fruit by 7.6 percent, meat and pourtly by 1.5 percent, fish and seafood by 0.4 percent, dairy, cheese and eggs by 0.1, clothing and shoes by 0.1 percent. 

 

It also referred to the increase in the prices of vegetable by 1.7 percent,  grains and bread by 1.7percent, the actual rent of the house by 0.9 percent, goods and services used in the maintenance of the house by 0.6 percent, medical products, devices and equipment by 0.7 percent, expenditures on private transportation by 8.1 percent, newspapers, books and stationery by 1.8 percent, and personal care 0.6 percent.

 

The annual inflation rate for the entire republic hit 3.3 percent for September 2020, compared to 4.3percent for the same month of the previous year, it added.

 

The sustainable development plan for 2020/2021 expected the inflation rate to increase to 9.8 percent if coronavirus 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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