Egypt’s inflation drops 17 % in January 2018

Egypt’s annual inflation declined to 17 percent in January 2018 compared to 29% in January 2017, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

On a monthly basis, Inflation decreased 0.2 percent to 266.3 points in January 2018, compared to 266.8 points in December 2018, the monthly report of CAPMAS showed.

CAPMAS noted that Egypt’s inflation in January achieved its lowest level since November 2015.

The report showed that food prices declined 0.5 percent month-on-month, while they increased 16.6 percent year-on- year basis.

Urban consumer price inflation fell 0.1 percent month-on-month to record 257.9 point, compared to 258 point in last December. On a yearly basis, the urban inflation achieved 17.1 percent.

Inflation has increased in Egypt since the floatation of the Egyptian pound in November 2016, reaching a high record level in July on the back of energy subsidy cuts and it has gradually eased since July.

Meanwhile, Egypt’s annual inflation rate fell to 22.3 percent year-on-year in December 2017 and on a monthly basis, it decreased to 21.90 percent.