Annual inflation down to 33.2% in August: CAPMAS

CAIRO – 10 September 2017: Egypt's annual inflation fell to 33.2 percent in August 2017 compared to the year-ago period, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Sunday.

Moreover, the monthly inflation decreased 1.2 percent from 34.2 percent recorded in July 2017.

Consumer Price Index (CPI) rose 1.2 percent month-on-month to 259.6 points in August 2017.

In June, the Central Bank of Egypt (CBE) unexpectedly decided to raise interest rates by 200 basis points (two percent), to increase the interest rate by 700 basis points in less than nine months.

The CBE said that the move aimed to cut inflation to 13 percent by the fourth quarter of 2018.