By: Heba El-Kordy

Cairo – Mubasher: Egypt’s annual inflation rate declined to 4.3% last September, compared to 15.4% in the same month a year earlier.

The annual inflation rate hit its lowest level since December 2012, Yara El-Kahky, an economist at Naeem Holdings, said.   

The slowdown in inflation rate was ascribed to the drop in the prices of food and beverages, Radwa El-Swaify, head of research sector at Pharos Holding for Financial Investments, remarked.

The North African nation’s annual inflation rate was previously expected to register 4.7% in September, El-Swaify added.

Month-on-month, the consumer price index (CPI) went up by 0.3% to 104 points in September, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday.

The monthly rise in inflation was attributed to the increase in prices of oils and fats by 12.9%, vegetables by 4.9%, alcoholic drinks and tobacco by 0.1%, and transportation by 8.0%.

On the other hand, the prices of meat and poultry fell by 7.0%, while fruits as well as grains and bread dropped by 18.9% and 3.8%, respectively.

It is noteworthy that during August, Egypt’s annual inflation rate decreased to 6.63%, hitting its lowest level since January 2013.