The Central Bank of Egypt (CBE) announced that the primary annual inflation rates in Egypt declined by 6.34 percent last July, compared to 7.04 percent last June.
In a statement last Thursday, CBE announced that the monthly inflation rate increased to 0.58 percent last July, compared to 0.28 percent the preceding month.
The inflation indicator excluded several goods for which prices are determined administratively or goods susceptible to temporary supply inconsistency, which doesn’t reflect their real prices and are considered the most volatile.
Such figures, however, should not be taken as primary indicator for inflation or as substitute to the Consumer Price Index (CPI).
In addition, several trade items have been excluded from calculating the inflation rate such as the price for fruits and vegetables, which are the food categories with the highest demand, representing 8.8 percent of the fast-moving consumer products in Egypt. Also excluded from measurements are the products with prices that are administratively determined, which make up 19.4 percent of consumer products in Egypt.
According to the announcement of the Central Agency for Public Mobilization and Statistics (CAPMAS), last July’s inflation rate increased by 0.3 percent, as opposed to the month before, recording 124.1 points.