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Egypt's annual headline inflation unchanged in July at 14.8pct

Inflation in Egypt is still strong, though weakening slightly month-on-month in July

Ahram Online , Wednesday 10 Aug 2016
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(File photo: Reuters)
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Egypt’s annual headline inflation remained unchanged in July 2016 from the month before, registering 14.8 percent, up from 8.3 percent in the same month last year, state statistics body CAPMAS said in an emailed statement Wednesday.

However, the monthly Consumer Price Index (CPI) rose by 0.7 percent, slightly less than the previous month’s increase of 0.8 percent.

CAPMAS has attributed the CPI annual rise to food and beverage price hikes, which recorded 19.1 percent year-on-year in June, in addition to a 32.7 percent jump in healthcare prices, also during the same period.

The Central Bank of Egypt (CBE) announced that the annual core CPI eased to 12.31 percent in July from the seven-year high rate of 12.37 percent that was recorded in June.

The CBE raised interest rates by 100 basis points in June in an attempt to curb accelerating inflation.

The bank raised the overnight deposit rate, the overnight lending rate and the rate of the CBE's main operation to 11.75 percent, 12.75 percent and 12.25 percent respectively.

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