Egypt’s annual core inflation rate rose 8.86% in October: c.bank

Egypt’s annual core inflation rate rose to 8.86 percent in October 2018 from 8.55 percent in September, the central bank said on Sunday.

On a monthly basis, core inflation recorded 1 percent in October, compared to 0.1 percent in September.

The Central Bank of Egypt has set  an indicator to measure the core inflation that discounts or strips out certain commodities that are considered as more volatile.

In September, the core inflation rate declined to 8.55 percent from 8.83 percent in August.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Saturday that the annual inflation rate hit 17.5 percent in October 2018, compared to 31.8 percent in October 2017.

On a monthly basis, the rate increased 2.8 percent, compared to September.

Inflation surged in Egypt since the floatation of the Egyptian pound in November 2016, reaching a record high level in July due to energy subsidy cuts that have beengradually easing since July.

Egypt targets an inflation rate of 13 percent in its fiscal year 2018/2019 budget.