Egypt: Inflation slows to a near seven-year low in September
Consumer price growth in month-on-month terms was flat in September, down from 0.7% in August. The slowdown was partly due to a decrease in prices for food and beverages, contrasting an increase in these prices in August. On the other hand, prices for transportation increased at a much sharper pace in September.
Inflation decelerated to 4.5% in September, down from 7.5% in August and dropping further below the 9.0% midpoint of the Central Bank’s Q4 CY 2020 target range of 6.0% to 12.0%. This result marked the lowest reading since December 2012 and was driven by a moderated increase in food and beverage prices.
Core inflation, which excludes energy prices, slowed to 2.6% in September from 4.9% in August. Average inflation over the past 12 months moderated to 11.9% in September from 12.8% in August.