Cairo - Mubasher: The Central Bank of Egypt (CBE) said that the basic inflation rate declined to 33.26% in September, down from 34.86% in the month before.
The CBE added in a statement on Tuesday that the monthly inflation rate went down to 0.19% last month, compared to 0.31% in August.
Inflation rates in Egypt have been surging since the CBE’s decision to free the exchange rate of the local currency, which led to a huge depreciation for the Egyptian Pound (EGP).
Earlier on Tuesday, the data of the Central Agency for Public Mobilization and Statistics (CAPMAS) showed that Egypt’s annual inflation rate declined to 32.9% in September 2017.
The consumer price index (CPI) rose 1% month-on-month in September 2017, versus 1.2% in August 2017, according to the CAPMAS.
The CAPMAS attributed the rise in CPI to the increase in the prices of water and residential services, vegetables, and stationaries by 39.6%, 3.5%, and 14.9%, respectively.
The Egyptian minister of finance Amr El-Garhy previously forecasted inflation rate to drop in November and December.
