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UPDATE: Egypt urban inflation eases to annual 8.3 pct in May

Stabilising food prices prompt a month-on-month decline for Egypt's consumer price index, state data shows

Ahram Online, Sunday 10 Jun 2012
Food prices
Food price rises slow, easing urban inflation (Photo: Reuters)

Egypt's urban consumer inflation eased to 8.33 per cent in the 12 months to May 2012, state statistics agency CAPMAS said on Sunday.

Urban inflation was 8.79 per cent in April, with the 0.2 per cent drop on the consumer price index indicating a slowing in food price increases.
Food prices were up 10.84 per cent year-on-year in April 2012 and 10.81 per cent year-on-year in May 2012, according to figures cited by Beltone Financial -- suggesting modest monthly contractions.
Prices declined 0.5 per cent month-on-month in May 2012, after increasing by a record 2.5 per cent month-on-month in April 2012. 
The monthly dip in food prices shown in Egypt's consumer price index is in line with the UN's Food and Agriculture Organization (FAO) data on global prices.
According to the FAO, food prices worldwide began to stabilise in May 2012 after peaking the month before, although they remain at a high level.
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