Egypt Annual Inflation Accelerates Even as Food Prices Fall
Egypt Annual Inflation Accelerates Even as Food Prices Fall
(Bloomberg) --
Annual consumer prices in urban parts of Egypt accelerated 3.7% in September, even as food prices dropped, according to data posted by the state-run statistics agency, CAPMAS.
The annual rate climbed from 3.4% the previous month while, on a monthly basis, prices rose 0.3%. Food and beverage prices declined 2.6% annually in September and fell 0.2% month-on-month.
The central bank unexpectedly cut its benchmark interest rate by 50 basis points last month, saying the move provided “appropriate support” for economic activity and was consistent with achieving price stability over the medium term.
Inflation remains well below the central bank’s target of 9% -- plus or minus 3 percentage points -- by the end of 2020. Core inflation, the gauge used by the central bank and which strips out volatile and regulated items, is expected to be released later Saturday.
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