Last Update 18:17
Tuesday, 27 October 2020

Egypt’s annual inflation continues to drop to 3.3%: CAPMAS

The decline was driven mainly by the decrease in food and beverage prices

Doaa A.Moneim , Saturday 10 Oct 2020
CAPMAS (Photo: Al Ahram)
CAPMAS (Photo: Al Ahram)
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Egypt’s annual headline inflation decreased for the third consecutive month, recording 3.3 percent, down from 3.6 percent in August, the Central Agency for Public Mobilisation and Statistics (CAPMAS) reported on Saturday.

The decline was driven mainly by the decrease in food and beverage prices by 3.5 percent year-on-year (y-o-y) and the drop in vegetable prices by 15.1 percent y-o-y, according to CAPMAS.

The decrease came despite the beginning of the academic year that usually sees an increase in monthly inflation by about one percent.

Inflation in Egypt is expected to record five percent by the end of the current quarter, which ends in November, according to Trading Economics (TE).

TE projected the inflation rate in Egypt to jump to six percent in 2021 and 2022.

 

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