The Central Bank of Egypt (CBE) said on Tuesday that the annual rate of core inflation fell to its lowest level since December 2012 to 4.9% from 5.9% last July.
In December 2012, core inflation hit its lowest level in the past 6 years, at 4.66%.
The core inflation, which is provided by the CBE does not include administratively priced commodities and rapidly changing ones such as vegetables and fruits.
The Central Bank said in a statement that the consumer price index (CPI) recorded a monthly rate of -0.4% last August, compared to 0.1% in July.
The Bank aims to reduce inflation to single-digit, aiming to reach 9% (± 3%) on average by the end of 2020.
The Central Agency for Public Mobilization and Statistics (CAPMAS) said on Tuesday that the year-on-year inflation rate fell to 6.7 percent from 7.8 percent in July.
CAPMAS added that the general index of consumer prices (monthly general inflation) reached 314.8 points during August 2019, registering an increase of 0.7% from July 2019.
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