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Egypt's annual core inflation hits 8.6% in January – CBE

Egypt's annual core inflation hits 8.6% in January – CBE
The CPI recorded 0.4% last month, compared to 0% in December

Cairo – Mubasher: Egypt’s annual core inflation rose to 8.6% in January, versus 8.3% last December, data by the Central Bank (CBE) showed on Sunday.

The consumer price index (CPI) recorded 0.4% last month, compared to 0% in December, the CBE added.

Earlier this day, the Central Agency for Public Mobilization and Statistics (CAPMAS) posted that Egypt’s annual inflation eased to 12.2% in January, compared to 17% in the same month of 2018.

The consumer price index (CPI) edged up 0.8% month-on-month, recording 298.8 points last month.

It is worth noting that Egypt’s annual inflation slashed to 11.1% in December 2018 from 22.3% in the same month of 2017.

The Central Bank of Egypt (CBE) is likely to cut interest rates to range between 2% to 3% next year, with an inflation rate averaging between 13% and 15% in 2019, according to a poll done by Mubasher.