Egypt's Annual Inflation Slows to 4.6%

The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed a drop in Egypt's annual inflation rate for prices of goods and services during the month of March to 4.6% compared to 13.8% in March 2019.

Egypt's annual inflation rate slowed for the second straight month to 4.6 % in March of 2020 from 4.9 % in the prior month. This was the lowest inflation rate since last November, as food prices fell further -1.7%  against -0.9 % in February, of which vegetables dropped -4.1 percent against -1.1 %.

Meantime, costs slowed mostly for transport by 15.4% against 16.1 %. On a monthly basis, consumer prices inched up 0.6 %, after being flat in the preceding month.

Moreover, the annual inflation during February recorded 4.9%, 6.8%  in January, the same rate as in December 2019, 2.7% in November and 2.4% in October.

The agency explained that the cost of food and beverages dropped on an annual basis during March 2020 by 3%, while education services increased by 28.5%, the cost of transportation increased by 13.4%, and restaurants by 8.9%.

The cost of Egypt's health care increased on an annual basis during March by 11.4%, miscellaneous goods and services by 4.9%, clothing and footwear by 4.3%, housing, water, electricity, gas and fuel by 6.6%.

The authority pointed out that alcoholic beverages, tobacco increased by 7.3% on an annual basis. Also, furniture, household equipment and maintenance increased by 2.5%, while telecommunications increased by 3.8%.

As for the most essential commodities that rose during March are bananas, which increased by 28.2%, citrus fruits also rose by 15.5%, takeaway services by 9%, newspapers, books and stationery tools also plunged by 19.9%.

Meantime, rice prices dropped by 21.6%, spices by 13.6%, potatoes by 49%, tomatoes by 5.4%, and sugar by 4.2%.

The cost of electricity, gas and other fuel materials increased by 20.9%, regular tourist trips by 11.3%, and pre-primary education by 29.3%.

Meantime, the prices of gasoline dropped 25 piastres in the the Egyptian markets yesterday.