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Egypt's Core Inflation Drops to 26.6% on Annual Basis


Thu 11 Jul 2024 | 12:29 AM
The Central Bank of Egypt (CBE) headquarters, Cairo.
The Central Bank of Egypt (CBE) headquarters, Cairo.
Taarek Refaat

Central Bank of Egypt (CBE) data showed on Wednesday that annual core inflation in Egypt recorded 26.6% on an annual basis in June, down from 27.1% in May.

Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) showed that the annual inflation rate of consumer prices in cities fell to 27.5% in June from 28.1% in May.

In March, Egypt adopted austerity measures linked to an $8 billion financial support package from the International Monetary Fund as it struggled to get its finances under control.

These measures included devaluing the currency after more than two years of chronic foreign exchange shortages. Officials say they make reducing inflation a priority.

In a previous Reuters poll, analysts expected core inflation, which excludes volatile items such as fuel and some types of food, to fall to 26.7% from 27.1% in May.