Egypt’s core annual inflation retreats to 6.5% in July: CBE

CAIRO: Egypt’s core annual inflation rate shrank to 6.49 percent in July, down from 8.07 percent in June, the Central Bank of Egypt announced late Monday.

Earlier on Monday, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported Egypt’s annual urban consumer inflation dropped to 8.3 percent in July, its lowest level in 2015.

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.