By Hossam Mounir
The Central Bank of Egypt (CBE) is expected to reveal on Wednesday details pertaining to developments of commodity prices within the markets last June, upon which the state inflation rates are determined. The details would be announced in the CBE’s monthly report that is issued on the 15th day of every month.
The CBE announced earlier this week that the annual rate of core inflation stood at 8.07% in June, while the monthly rate of core inflation registered 0.61% compared to 0.65% in May.
According to the CBE, the headline Consumer Prices Index (CPI), announced by the Central Agency for Public Mobilization and Statistics (CAPMAS), witnessed a monthly decline of 0.70% in June. In May, the headline CPI registered an increase of 1.19%. As for the annual headline inflation rate, it declined to 11.39% in June, compared to the 13.11% it registered in May.
“The decline in the inflation rate in June came as a result of decreases in the prices of food and drink by 1.8% during that month, in comparison to May,” according to CAPMAS.
CAPMAS added that June witnessed a decline in the prices of vegetables by 11.8% and gold by 0.7%. On the other hand, the prices of meat and poultry rose by 1.4%, fruits by 7.5%, and ready meals by 1.3%.