CAIRO: Egypt’s annual urban consumer inflation dropped to 8.3 percent in July, its lowest level in 2015, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced in a Monday report.
The figure also marks a significant decline from the annual inflation rate of 11.5 percent in June, and 13.5 percent in May.
In spite of the year-on-year slip, inflation inched up 0.6 percent in July, according to the report. CAPMAS attributed the rise mainly to a 0.2 percent increase in food and beverage prices last month.
Meanwhile, The Central Bank of Egypt’s Monetary Policy Committee decided in its last meeting in July to hold the overnight deposit and lending rates “unchanged” at 8.75 percent and 9.75 percent respectively, the bank posted on its website.
The committee also maintained CBE’s main operation and the discount rate at 9.25 percent each.
Inflation soared in Egypt last summer after the government cut energy subsidies by 40 billion EGP ($5.6 billion) in July, 2014, which raised fuel prices by up to 78 percent