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Egypt’s annual core inflation hits 3.3% in September 2020: CBE - Daily News Egypt

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Egypt’s annual core inflation hits 3.3% in September 2020: CBE

In a report released on Sunday, the CBE revealed that the monthly core consumer prices recorded a monthly rate of 0.1% in September 2020, against -0.2% in August 2020, and -2.3% in September 2019.


Egypt’s annual core inflation rate, computed by the Central Bank of Egypt (CBE), stood at 3.3% in September 2020, compared to 0.8% in August 2020.

In a report released on Sunday, the CBE revealed that the monthly core consumer prices recorded a monthly rate of 0.1% in September 2020, against -0.2% in August 2020, and -2.3% in September 2019.

Meanwhile, the Central Agency for Public Mobilization and Statistics (CAPMAS) said, on Saturday, that the country’s annual consumer price index in urban areas (CPI-U) rose to 3.7% in September, compared to 3.4% in August 2020.

In addition, the monthly CPI-U recorded 0.3% in September 2020, up from zero in September 2019, and -0.2% in August 2020.

Beltone Financial anticipates that the CBE will keep its interest rates unchanged during the next Monetary Policy Committee (MPC) meeting on 12 November.

In a report, Beltone noted that the effect of the pre-emptive rate cut by about 350 basis points to support local economic activity has not been fully reflected on the ground.

It attributed its steady interest forecast to the stability of the annual inflation rate within the CBE target of 9% (±3%) until the end of 2020. It added that the annual headline inflation rose slightly in September to 3.7%, close of its forecast of 3.6%.

Topics: CBE inflation

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https://dailyfeed.dailynewsegypt.com/2020/10/11/egypts-annual-core-inflation-hits-3-3-in-september-2020-cbe/
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