Cairo – Mubasher: The Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday said that Egypt’s annual inflation rate dropped to 33.2% year-on-year in August 2017, and from 34.2% in July.
On 29 June 2017, Egypt’s Cabinet approved increasing the price of some petroleum materials, including the 92-octane gasoline, whose price surged to EGP 5 per litre from EGP 3.5 per litre, while diesel prices rose to EGP 3.65 litre from EGP 2.35 per litre.Similarly, butane gas prices doubled to EGP 30 per cylinder from EGP 15.
The consumer price index (CPI) in Egypt rose 1.2% month-on-month in August 2017, versus a rise of 3.3% in July, compared to June.
The CAPMAS attributed the rise to the increased prices of electricity, transport, vegetables, and meat and poultry by 26.3%, 4.3%, 4.5%, and 0.8%, respectively.
Egypt's minister of finance Amr El-Garhy forecasted that inflation rates will start to decrease in November and December 2017, compared to current rates, a year after the liberalisation of the exchange rate.
