Egypt consumer inflation falls to 11.1pc in September

09 Oct, 2014

CAIRO: Egypt's annual urban consumer inflation fell to 11.1 percent in September from 11.5 percent in August, CAPMAS, the official statistics agency, said on Thursday.

Egypt's economy has been in turmoil since a popular uprising ousted autocrat Hosni Mubarak in 2011, deterring tourists and foreign investors and straining the country's finances and foreign reserves.

Annual inflation reached its highest rate in nearly four years in November, then began falling back until the government introduced fuel price increases in July, triggering a rise over the past two months.

Annual core inflation - which strips out subsidised goods and volatile items such as fruit and vegetables - declined to 9.15 percent in September from 10.07 percent in August, the central bank said.

Despite billions of dollars in aid from Gulf states and two stimulus packages, economic recovery in the most populous Arab nation has been slow.

Egypt's M2 money supply rose 17.14 percent in August compared with the same month last year, the central bank said last month.

Copyright Reuters, 2014

Read Comments