Egypt’s urban consumer inflation retreats to 7.9% in August: CAPMAS
Building of Central Agency for Public Mobilization and Statistics (CAPMAS) - YOUM7 (Archive)

CAIRO: Egypt’s annual urban consumer inflation dipped further to 7.9 percent in Augsut from 8.3 percent in July,  its lowest level in 2015, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported Thursday.

The figure also marks a significant decline from the annual inflation rate of 11.5 percent in June, and 13.5 percent in May.

Despite the year-on-year slip, inflation edged up 0.6 percent in August, according to CAPMAS, citing a price hike of vegetables and meat by  7.5 percent and 2.2 percent respectively last month.

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.

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