CAIRO: Egypt’s monthly urban consumer inflation declined by 0.3 percent in November 2015, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Thursday in monthly report.
CAPMAS attributed this decline to drop in prices of some basic goods, mainly vegetables, fish and sea food; However, it report that other goods including furniture, cloth, poultry, and dairy saw an increase in price.
Goods prices declined after the Central Bank of Egypt has announced to pump a total of $4 billion dollars in the market, pushing the importers to stranded goods at Egyptian ports. In November, only $2 billion has been pumped.
The annual urban consumer inflation in November 2015 rose to 11.8 percent from 10.3 percent in November 2014, the report continued.
In October, the annual inflation jumped to 9.7 percent from 9.2 percent in September, according to a CAPMAS report issued Nov. 10.
Inflation soared in Egypt last summer after the government cut energy subsidies by 40 billion EGP ($5.6 billion) in July 2014, raising fuel prices by up to 78 percent.