Egypt’s Annual Headline Inflation Decelerates in September to 38%: CAPMASSource: www.export-egypt.com 10/10/2023, Location: Africa |
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Egypt’s annual headline inflation decelerated in September to 38 percent, down from 39.7 percent in August, the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Tuesday.
September's inflation level remains well above the 15 percent in the same month of 2022, CAPMAS data showed. The agency attributed this decline to the decrease in the prices of grains and bread in September by 1.3 percent, and the decline of prices of meat and poultry by 0.1 percent. CAPMAS also noted that the prices of other goods and services remained stable. On a monthly basis, Egypt’s inflation rose in September by two percent, compared to 1.6 percent in August. Core inflation Egypt's annual core inflation rate declined in September to 39.7 percent, down from 40.4 percent in August, according to data released by the Central Bank of Egypt (CBE) on Tuesday. The monthly core inflation rate increased to 1.1 percent in September 2023 compared to 0.3 percent in August 2023 and 1.6 percent in September of the previous year. Urban headline inflation measures the rate of price increase of goods and services typically consumed by urban households, while core inflation excludes volatile items such as food and energy prices. The readings provide ample room for the CBE to use its monetary policy to contain inflation by introducing further hikes to the key interest rates in the upcoming meetings of the Monetary Policy Committee (MPC) scheduled for 2 November and 21 December. Since March 2022, when the Russian-Ukrainian war broke out, the CBE hiked key interest rates by a total of 11 percent (1100 bps), three percent of which was applied in 2023. September’s inflation readings remain well beyond the target the CBE set at seven percent (± 2 percent) on average by the fourth quarter of 2024 Q4 and five percent (± 2 percent) on average by the fourth quarter of 2026. Egypt has devaluated its local currency three times in the last 18 months, which contributed to rising inflation in the country. In a bid to contain the soaring inflation, Prime Minister Mostafa Madbouly announced on Monday that the government will suspend duties and customs on several goods for six months. Madbouly also stated that the government reached a deal with local merchants to reduce the prices of seven basic commodities by 15 to 25 percent beginning 15 October. |
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