Egypt’s annual core inflation hits 7.94% in November: CBE

CAIRO – 10 December 2018: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 7.94 percent in November 2018 from 8.86 percent in October 2018, according to a report.

In October, the core inflation rose to 8.86 percent from 8.55 percent in September.

Core inflation discounts or strips out certain categories that are considered more volatile.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier on Monday that the annual inflation rate hit 15.6 percent in November 2018, compared to 26.7 percent in November 2017.

On a monthly basis, the rate decreased 0.7 percent, compared to October.

Egypt's annual inflation hits to 15.6% in November

CAIRO - 10 December 2018: Egypt's annual consumer price inflation slipped to 15.6 percent in November 2018, compared to 26.7 percent in the same month of 2017 that rose due to the flotation of the Egyptian currency, state-statistics body said Wednesday, Oct. 10.

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.