CBE: Egypt’s Core annual inflation falls to 7.19 in April

Egypt’s annual core inflation declined to 7.19 percent in April, compared to 7.21 percent in March, the central bank of Egypt said on Sunday.

The core consumer price index inched up by 0.23 percent in April, nearly one third of its 0.76 percent hike in March.

The overall consumer price index also rose in April by 0.11 percent, also a fraction of the increase in March, when it rose by 1.55 percent.

The core value is calculated by discounting goods whose prices may fluctuate, such as food products.

Earlier today, the Central Agency for Public Mobilisation and Statistics announced that there was a decline in urban inflation to 11 percent in April, a decrease from March’s 11.5 percent.

Inflation increased last summer after the government reduced petroleum subsidies and introduced new taxes in July 2014, hiking fuel prices by up to 78 percent. The inflation rate peaked last October, standing at 11.8 percent.

Source: Aswat Masriya