C. Bank: Monthly Inflation Rates Diminished By 0.97%

Central Bank of Egypt (CBE), in its monthly inflation developments, stated that the decline of the prices of poultry, vegetables and seafood led to diminishing the monthly inflation rates, whereas poultry prices have declined by 4.63% to contribute to decreasing the inflation rates by 0.23%.

CBE declared that the inflation rates declined by 0.16% compared to 1.47% in April. The core inflation rates achieved stability during May compared to an increase of 0.97% in April, whilst the annual rate increased to 8.20 % in May from 8.11 % in April.

Moreover, the prices of fresh vegetables went down by 2.08% in May after they increased by 19.85% cumulatively since the beginning of 2013, as it contributed negatively by 0.17% to the monthly core inflation rate, while most of the vegetables prices stood unchanged.

Fish and Seafood prices have decreased by 2.08% in May. Prices of rice have inched by 4.53% to contribute by 0.10% in the monthly inflation rate.  Meanwhile, the prices of cheese, eggs, butter, edible oils and milk have increased, contributing by 0.12% to the monthly headline inflation.

Prices of other services experienced a marginal increase in May, on the back of raising the prices of restaurant meals, furniture moving services as well as Hajj and Umrah trips.  In the meantime, prices of consumer goods went up by 0.28% in May, because the prices of cars, hairdressers, air conditioning, motor cycle and heaters have inched up, whilst the rates of the paid services remained unchanged.