CBE: Egypt's Core Inflation Falls to 31.8%

Official data from the Central Bank of Egypt showed that core inflation in Egypt declined, for the second month in a row, to 31.8% on an annual basis in April from 33.7% in March.

The data showed that the monthly core inflation rate reached about 0.3% in April, compared to 1.4% in March.

Core inflation excludes goods with fluctuating prices, such as vegetables, and the central bank relies on it in the interest rate decision.

Earlier, the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) reported on Thursday that the annual rate of general inflation in Egypt’s cities had slowed more than expected to 32.5% in April compared to 33.3% in March.

A poll of 17 analysts expected, on average, that annual inflation would decline to 32.8%, continuing its downward path that began in September when inflation reached an unprecedented peak of 38%.