Egyptian inflation declines 0.1 per cent

10 December 2009

Food prices fall 0.3 per cent between October and November

Egyptian urban inflation fell by 0.1 per cent to 13.2 per cent in the year to November, according to the latest data released by the Central Agency for Public Mobilisation & Statistics.

Food prices fell 0.3 per cent between October and November, but were up by 22.1 per cent on the previous year.

In October, the Central Bank of Egypt began reporting a core inflation index. The index is based on consumer price inflation (CPI), but excludes the prices of fruit and vegetables, and regulated prices. 

Egyptian investment bank EFG-Hermes expects November core inflation to remain stable at 6.5 per cent. As a result, it does not expect the Central Bank to revise interest rates.

The bank set an overnight deposit rate of 8.25 per cent and an overnight lending rate of 9.75 per cent on 22 September.

 

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