Annual Headline Inflation Dips to 13% in April: CAPMAS

Annual Headline Inflation Dips to 13% in April: CAPMAS

The Central Agency for Public Mobilization and Statistics (CAPMAS) has reported that Egypt’s annual headline inflation rate dipped to 13% in April from 14.2% in the prior month, Invest-Gate

Urban inflation recorded 0.4% month-on-month in April, down from 0.5% in March, according to a statement by the Central Bank of Egypt (CBE) on May 9.

Meanwhile, core inflation, which strips out volatile items such as food, dropped to 8.1% in April from 8.9% in the previous month, CBE added.

“Analysts suggested the drop was caused by the government upping supplies of food and vegetables to keep prices lower in the build-up to Ramadan – and inflation could rise next month,” Reuters reported on May 9.

Inflation hit a record high of 33% in July 2017, after Egypt floated its local currency in November 2016 under its economic reform plan, which helped it secure a USD 12 bn loan facility from the International Monetary Fund (IMF).

In a report issued in January 2018, the IMF anticipated the inflation rate to dwindle to less than 10% in 2019, after surging to 35% in July 2017 due to the EGP flotation, hence raising energy prices and the imposition of value-added tax (VAT).


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