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Egypt’s core inflation rate increases to 31.95 percent in June: Central Bank

On a monthly basis, core inflation decreased to 1.80 percent in June from 1.99 percent in May

Ahram Online , Monday 10 Jul 2017
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Egypt’s annualised core rate of inflation increased to 31.95 percent in June, up from 30.57 percent in May, the Central Bank of Egypt (CBE) announced on Monday.

On a monthly basis, the core rate of inflation decreased to 1.80 percent in June from 1.99 percent in May.

The core consumer price index that the CBE uses to measure price levels – which excludes essential commodities such as fruit and vegetables – started to hit double digits in May last year, reaching a then-seven-year-high of 12.2 percent.

Egypt's annual headline inflation rate, the annual urban price inflation, remained the same in June as inMay, registering 30.9 percent, state statistics body CAPMAS announced earlier on Monday.

In late May, the central bank’s monetary policy committee decided to raise the overnight deposit rate, overnight lending rate and the rate of the bank’s main operation by 200 basis points, to 16.7 percent, 17.75 percent and 17.25 percent respectively.

The overnight deposit rate and overnight lending rate increased again last Thursday by 200 basis points.

Egypt's inflation rate has been rising since the CBE floated the currency last November, as part of a set of reforms aiming to revive the country's flagging economy.

 

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