Egypt’s headline inflation rises to 6.6% in September
DUBAI: Egypt’s annual urban consumer price inflation increased to 6.6 per cent in September from 5.7 per cent in August, Arab News quoted data from the country’s statistics agency CAPMAS.
The rate remains well within the target range of between 5 per cent and 9 per cent set by the central bank, which meets on October 28 to decide interest rates.
“Monthly inflation is higher than we had anticipated. It’s mainly explained by the jump in vegetable and meat prices. The food index is up 3.5 per cent on a month-on-month basis,” Allen Sandeep of Naeem Brokerage said.
The central bank held rates steady at its last meeting on September 16, saying that the global financial conditions continued to be ‘accommodative’.
Egypt’s fuel pricing committee also raised domestic prices in a quarterly review on Friday.
Core inflation, which strips out volatile items such as food, rose to 4.8 per cent on a year-on-year basis in September from 4.5 per cent a month ago.
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