CBE: Egypt’s Annual Core Inflation Rate Eases to 8.97% in August

Egypt’s annual core inflation rate set by the Central Bank of Egypt (CBE) fell to 8.97% in August, compared to 9.06% by the end of last July. The core monthly inflation rate registered 0.14% in August, opposed to a negative rate of 1.04% by July-end.

Elsewhere, Egypt’s official statistics authority, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier on Tuesday that the annual core inflation rate increased to 1.04% by July-end of 2013, up from 0.77% by June-end, the central bank said on Monday. Accordingly, the annual core inflation rate jumped to 9.06% by July-end, up from 8.56% by June-end.

Egypt’s annual urban headline inflation fell to 9.7% in the twelve months to August 2013, down from 10.3% a month earlier, figures from the Central Agency for Statistics and Mobilization (CAPMAS) showed on Tuesday.

The overall inflation rate registered 10.9% in August.

On a monthly basis, inflation dropped to 0.7% in August down from 0.9% in July.

Food and beverage prices, which contribute the highest weight to Egypt’s consumer price index (CPI), slowed to 12.9% from 13.9% percent a month earlier.