Egypt’s annual core inflation at 1% in June: CBE

Core consumer price index (CPI) inflation stood at -0.3% in June

  
Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
ArabFinance: The annual core inflation rate decreased to 1% in June from 1.5% in May, registering a 33% Month on Month decline, the Central Bank of Egypt (CBE) announced.

Core consumer price index (CPI) inflation stood at -0.3% in June 2020 when compared to 0.3% in the same month in 2019 and to 0.3% in May this year.

Meanwhile, the Central Agency for Public Mobilization and Statistics said monthly headline urban CPI inflation in the country reached 0.1% in June 2020, compared to -0.8% in the corresponding month last year and to zero in May 2020.

The CBE added that annual headline inflation rate, therefore, recorded 5.6% in June, up 19% from 4.7% in May, due to unfavorable base effect.

Egypt’s central bank recently said net international reserves grew by 6% at the end of June.

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