Annual Core Inflation Up to 8.86% in October: CBE

Annual Core Inflation Up to 8.86% in October: CBE

The Central of Egypt Bank (CBE) announced on November 11 that the annual core inflation jumped to 8.86% in October, up from 8.55% in September, another leap in Egypt’s inflation indicators during the same month, Invest-Gate reports.

On a monthly basis, core inflation posted 1% in October, compared to 0.1% in September.

Core inflation strips out volatile items such as vegetables and fruit, as well as items with regulated prices including fuel. In September, the rate declined to 8.6% from 8.8% in August.

Some vegetables, namely potatoes and tomatoes, were in shortage in October, hence the headline inflation, which calculates such items, had a higher surge than predicted.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced on November 10 an increase in the annual headline inflation in October to 17.7%, up from 16% in September and 14.24% in August.

The repeated increase in inflation rates comes in the wake of a handful of subsidy cuts during last summer, which saw increases in the prices of fuel, electricity, and transport.

The country recorded some of its highest inflation figures last year, surpassing 33%. However, last May saw the lowest headline inflation figures in over two years at 11.5%.

Egypt also floated its pound currency in November 2016, with inflation hitting a high of 33% in July last year on the back of another subsidy cuts prompted by a reform program as part of the USD 12 bn International Monetary Fund (IMF) loan deal.


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password