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Egypt’s annual headline inflation remains stable at 30.9% in June: CAPMAS

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mona gwdat | 10 يوليو, 2017 4:25 م

Egypt’s annual headline inflation rate registered 30.9 percent in June, showing no change on May, state statistics body CAPMAS said in a statement on Monday.

However, the country’s Consumer Price Index (CPI) continued to decline in June, registering 0.8 percent, compared to 1.6 percent in May and 1.8 percent in April.

CAPMAS said that food and beverage prices had increased by 40.8 percent year-on-year, making them the highest contributors to this month’s inflation rate.

Cooking oil increased by 58.2 percent year-on-year, seafood increased by 55.1 percent, while sugar and sugar-related products such as jam increased by 56.4 percent.

Gold, meanwhile, rose by 67.6 percent over the past year.

In November, the Central Bank of Egypt floated the Egyptian pound in an attempt to stabilize an ongoing loss in its value. The move saw the currency fall to EGP 18 to the dollar from an official rate of EGP 8.8, although it had been trading at over EGP 18 on the black market prior to the floatation.

Egypt, which relies heavily on food imports, has been suffering from an ailing economy and an acute foreign-currency crisis since the 2011 uprising that overthrew long-time president Hosni Mubarak.

The decision to float the Egyptian pound was part of an economic reform programme begun in 2014. The programme also cut subsidies and imposed new taxes such as the value-added tax, in an effort to reach a higher growth rate and reduce the budget deficit to 9.1 percent of gross domestic product in the 2017/18 fiscal year.

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