Egypt's Annual Core Inflation Declines to 5.1 % in 2020: CAPMAS

Egypt’s annual consumer price inflation ratio declined to 5.1 percent in 2020, compared to 8.5 percent in  2019, according to the Central Agency for Public Mobilization and Statistics (CAPMAS)'s report on Sunday.

The report added that inflation rate hit 6 percent in December 2020, compared to 6.8 percent in the same month of the previous year.

The CAPMAS noted that the inflation rate recorded 110.6 points in December 2020, marking a decrease of 0.5 percent compared to November 2020.

It attributed the decline in inflation rates to the decrease in prices of some commodities during the month, as the  vegetables group by 10.1 percent, the fish and seafood group by 0.6 percent, the meat and poultry group by 0.2 percent, the milk, cheese and eggs by 0.1 percent, and the ready-made clothes by 0.6 percent.

On the other hand, a number of other products’ prices saw a rise in December, including fruits by 3.8 percent; oil and fats by 0.5 percent; grains and bread by 0.2 percent and transport services by 0.7 percent, according to CAPMAS.

Egypt's 2020/2021 draft budget aims to reduce public debt of GDP to 82.7 percent by end of June 2021, up from earlier target of 82.5 percent by the end of June 2020 and to 77.5 percent by the end of June 2022.