Egypt’s core inflation climbs to 4.6% yr/yr in July – central bank

Egypt’s year-on-year core inflation accelerated to 4.6 percent in July from 3.8 percent in June, the central bank said on Tuesday.

Month-on-month inflation quickened to 0.6 percent in July from 0.1 percent in June, the central bank added. Core inflation, which strips out volatile items such as food, quickened to 3.8% year-on-year in June from 3.4% in May, according to the central bank.

Core inflation strips out volatile items such as food.

The Central Bank of Egypt (CBE) has set an inflation rate target of 7 percent, plus or minus 2 percentage points.

Monthly headline urban CPI inflation, published by the official statistics agency CAPMAS, recorded 0.9 percent in July, compared to 0.4 percent in the same month of the previous year and to 0.2 percent in  June 2021. Accordingly, the annual headline inflation rate recorded 5.4 percent in July 2021 compared to 4.9 percent in June 2021.