Egypt: Inflation drops to lowest level since November 2019 in July
August 10, 2020
Consumer prices increased 0.38% in July over the previous month, coming in below the 0.08% increase logged in June. The figure was largely due to a softer decrease in prices for food and non-alcoholic beverages.
Inflation dropped to 4.2% in July, below June’s 5.6% reading and moving further away from the Central Bank’s target range of 6.0%–12.0%. July's reading marked the weakest inflation rate since November 2019. Annual average inflation fell to 5.3% in July (June: 5.7%). Lastly, core inflation fell to 0.7% from June’s 1.0%.
Author: Stephen Vogado, Economist