*This article was originally published on egypttoday.com, please see the original story here.
CAIRO – 10 October 2018: The Central Bank of Egypt (CBE) said that Egypt’s annual core inflation rate declined to 8.55 percent in September 2018 from 8.83 percent in August 2018, according to a report.
On a monthly basis, core inflation recorded 0.1 percent in September 2018, compared to 0.6 percent in August.
In August, the core inflation rose to 8.83 percent from 8.54 percent in July.
Core inflation discounts or strips out certain categories that are considered more volatile.
The bank also stated that the inflation hiked to 16 percent in September, compared to 14.2 percent in August 2018.
CBE indicated that the consumer price index for urban areas, announced by the Central Agency for Public Mobilization and Statistics (CAPMAS), rose to a monthly rate of 2.5 percent in September, compared to 1.8 percent in August 2018.
CAPMAS announced earlier Wednesday that Egypt’s annual consumer price inflation slipped to 15.4 percent in September 2018, compared to 32.9 percent in the same month of 2017.
On a monthly basis, inflation increased 2.6 percent in September, compared to the previous month, to record 302.7 points, CAPMAS stated.
Inflation surged in Egypt since the floatation of the Egyptian pound in November 2016, reaching a high record level in July due to energy subsidy cuts and gradually easing since July.
Egypt targets an inflation rate of 13 percent in its fiscal year 2018/2019 budget.