Egypt’s core annual inflation drops to 5.6% in August: CBE
Central Bank of Egypt -YOUM7 (Archive)

CAIRO: Egypt’s core annual inflation rate slid to 5.61 percent in August, down from 6.49 percent in July, the Central Bank of Egypt announced late Thursday.

Earlier on Thursday, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that Egypt’s annual urban consumer inflation slowed to its lowest level in 2015 to hit 7.9 percent in August from 8.3 percent in July.

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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