Egypt's core inflation hits 12.37 pct in June - central bank

Sunday 10-07-2016 04:13 PM

Egypt's Central Bank, Reuters

CAIRO, Jul 10 (Aswat Masriya) - Egypt’s annual core inflation rose to 12.37 percent year-on-year in June, compared t0 12.23 in May, the central bank said on Sunday. 

The monthly core inflation rate inched up 0.74 per cent in June compared to a 3.15 per cent increase in May, according to calculations released by the Central Bank of Egypt. 

The core annual inflation is a measure that excludes volatile items like fruit and vegetables that tend to change price rapidly.

Earlier on Sunday, the state-run Central Agency for Public Mobilisation and Statistics said that Egypt's urban consumer inflation rate rose to 14.8 per cent in June from 12.9 per cent in May.

The agency attributed the rise mainly to the increase in prices of vegetables, poultry, meat, dairy products and fruits, as food demands normally increase during the Muslims' holy month of Ramadan, which began on June 6.

Egypt's central bank raised its key interest rates by 100 basis points last month, in a move intended to rein in surging inflation and ease downward pressure on the Egyptian pound.

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