Egypt’s Annual Core Inflation Hits 7.94% in November

  • Cairo, Egypt
  • 11 December 2018

The Central Bank of Egypt (CBE) reported a drop in annual core inflation rate to 7.94 percent in November 2018 from 8.86 percent in October 2018. Core inflation discounts or strips out certain categories, such as fruits and vegetables due to sharp fluctuations in their prices.
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that annual inflation rate declined to 15.7 percent in November 2018, from 17.7 percent in October. On monthly basis, the core inflation registered a decline of 0.7 percent from October (309.1 points) compared to (311.2 points), a drop for the second time in the year 2018, since it already fell by 0.2 percent in January.
Inflation jumped to a high record in July 2017 after Egypt freed its currency exchange rate in early November 2016 and thanks to cuts in energy subsidies, but has gradually receded since then.

Source (Al-Sharq Al-Awsat Newspaper, Edited)