Last Update 0:15
Wednesday, 23 October 2019

Egypt's core inflation rate reached 15.75 percent in October

Thursday 10 Nov 2016
Egyptians lining to buy subsidized bread from a local food outlet (Photo: AP)
Views: 3208
Views: 3208

The Central Bank of Egypt (CBE) announced on Thursday that the core inflation rate reached 15.75 percent in October, in comparison to 13.94 percent in September.

The bank added in a statement that the monthly inflation rate reached 2.8 percent in October, in comparison to 1.2 percent in September.

Last month, annual core inflation increased to 13.94 percent in September from 13.25 percent in August.

Core inflation, which strips out the price of volatile items such as fruit and vegetables, has been rising since March but edged down slightly in July. 

Egypt’s economic growth rate registered 4.3 percent of the Gross Domestic Product in the fiscal year 2015/16, down from 4.4 percent in the fiscal year before, the planning ministry said in an emailed statement to Ahram Online on Friday.

The ministry attributed the drop in the growth rate, which was below the government's target of 4.5-5 percent, to the decline in exports by 14.5 percent.

However, the ministry said that the rate, which has been calculated according to the market’s constant prices, was achieved amid "unfavorable economic circumstances globally and locally."

Egypt, which relies heavily on imports, mostly food, has been suffering from an acute shortage of the US dollars since the 2011 uprising, which was followed by political and security unrest that has turned away tourists and foreign investors, two major sources of hard currency.

The government targets an economic growth rate of 5.2 percent of GDP by the end of the current 2016/17 fiscal year.

Earlier this month, the CBE decided to freely float the pound and raise key interest rates as part of a set of reforms aimed at alleviating a dollar shortage and stabilising the country's flagging economy.



Search Keywords:
Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.