Egypt's core inflation falls to 8.54 pct in July: Central bank

Reuters , Thursday 9 Aug 2018

Egypt Central Bank governor Tarek Amer (Reuters)

Egypt's core inflation rate fell to 8.54 percent year-on-year in July from 10.9 percent in June, the central bank said on Thursday.

The official statistics agency CAPMAS also said on Thursday that Egypt's urban consumer price inflation fell to an annual 13.5 percent in July from 14.4 percent in June.

Inflation jumped after Egypt devalued its currency in November 2016.

It reached a record high in July 2017 on the back of energy subsidy cuts but has gradually eased since then, reaching their lowest levels in almost two years in March.

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