The Central Agency for Public Mobilization and Statistics (CAPMAS) reported a rise in Egypt’s annual headline inflation rate to 12.7% in January 2019 from 12% in December 2018, Invest-Gate reports.

Monthly headline urban CPI inflation recorded 0.6% in January 2019, compared to negative 3.4% in December 2018, according to a statement published by the Central Bank of Egypt (CBE) on February 10.

Meanwhile, Monthly core CPI inflation reached 0.4% in January 2019 compared to 0% in December 2018, while the annual core inflation rate recorded 8.6% in January 2019 compared to 8.3% in December 2018, the statement added.

“The monthly rise is higher than expected and this may be an indication of interest rate stabilization at this week’s central meeting in anticipation of inflation next month,” Radwa El-Swaify, head of research at Pharos Securities Brokerage, told Reuters on February 10.