Annual inflation stands stable at 30.9% in June 2017

CAIRO – 10 July 2017: Egypt's annual inflation stood stable at 30.9 percent in June, according to statistics released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Monday.

Moreover, the monthly inflation went up slightly in June to hit 29.8 percent, up from 29.7 percent registered in May.

Consumer Price Index (CPI) added 0.8 percent month-on-month to 248.4 points in June 2017.

Last Thursday, 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.