Egypt’s annual core inflation down to 8.5%: CBE

Egypt’s annual core inflation rate witnessed a decrease from 10.9% in June to 8.5% in July, according to the Central Bank of Egypt (CBE).

In a report, the CBE claimed that the inflation was free of any "volatile elements", the Egypt Independent reported Friday (August 10th).

The core inflation rate excludes volatile items such as food and energy.

Similarly, the Central Agency for Public Mobilisation and Statistics (CAPMAS) declared on Thursday that inflation declined to 13% in July 2018, compared to 34.3% in July 2017.

However, CAPMAS continued, inflation in July increased by 2.5% compared to June.

Egypt has been struggling with inflation since it floated the pound in 2016, as part of its IMF programme recommendations to save its frail economy.

The following year, Egypt slashed parts of its energy subsidies, resulting in a 60% surge in fuel prices.

The IMF reforms include a raft of measures such as devaluation, loosening capital controls, ending energy subsidies, reforming public enterprises and overhauling monetary policy -- all in a bid to restore economic stability and long-term growth.

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