Egypt’s annual core inflation rises to 2.7% in October: CBE

CAIRO – 11 November 2019: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate rose to 2.7 percent in October 2019, from 2.6 percent in September 2019, according to a report.

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

CBE said in a statement on its website Monday that the core inflation recorded a monthly rate of 1.1 percent in October 2019, compared to -2.3 percent in September 2019, and 1 percent in October 2018.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier that Egypt’s annual consumer price inflation declined to 3.1 percent in October 2019, compared to 4.8 percent in September 2019.

Inflation has surged in Egypt since the flotation of the Egyptian pound in November 2016, reaching a high record level in July 2018 due to energy subsidy cuts, and gradually easing since July 2019.

Egypt targets an inflation rate of 10.5 percent in fiscal year of 2019/2020 and was targeting 13 percent in 2018/2019 budget.