Egypt’s annual inflation rate dropped to 7.8% in July 2019 from 13% in July 2018, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced.
Egypt’s consumer price index (CPI) registered about 312.5 points in July 2019, 1.5% higher than around 307.8 points in June 2019, CAPMAS disclosed on Thursday.
From January to July, Egypt’s inflation rate recorded 11.7%, compared to the corresponding period last year, CAPMAS noted.
The agency attributed the increase in the monthly inflation rate to July 2019’s higher fuel and electricity prices, as well as the increase in food and beverages’ prices, registering 0.5% higher than the previous month, and 8% higher than July 2018.
Aside from the new prices of fuel, capital market analysts have expected better results for July’s inflation rate.
Noteworthy, in July 2019, Egypt’s Minister of Petroleum announced an 18.5% increase in the 92-octane gasoline price to LE 8 instead of 6.75 per litre, as well as a 22.7% increase in gasoline 80 price to LE 6.75 instead of LE 5.50 per litre.
In June 2019, Egypt’s annual inflation rate fell to 8.9% from 13.8% in June 2018, CAPMAS reiterated.