CBE: Annual Inflation Shrinks on Lower Vegetables, Food Commodities Prices

Big 5

In its latest report on Tuesday, the Central Bank of Egypt (CBE) stated that the shrink in the inflation’s annual rate at 9.09% in November, opposed to 11.84 % in October, goes back to the decline in the prices of fresh vegetables and other food commodities.

According to CBE’s report, the monthly core inflation recorded a negative rate at 0.15 % in November 2014, from 0.55%  in October causing a decrease in the annual rate of core inflation to 7.81 % in November, compared to 8.47 % in October. While consumer goods’ prices recorded an increase, paid-services and other services steadied.

Fresh vegetables’ prices recorded a fall by 14.63 % in November with a negative rate in the monthly percentage of general inflation; while fresh fruits’ prices registered a mild decrease by 0.44%.

On other side, poultry prices dropped by 3.64 % in November, with a negative percentage of 0.17 % in the monthly rate of general inflation. In contrary, red meet prices recorded a raise by 1.25 %.

Backed by an increase in clothes’ prices, the consumer goods’ prices reported a raise of 1.0 % in November, with 0.11 % in the monthly rate of general inflation.

Most of the monthly change in core inflation goes back to the fall in the prices of the above-mentioned goods to contribute a negative rate at 0.31 % to the monthly rate of the general inflation.