Cairo – Mubasher: The annual core inflation rate in Egypt hit 40.4% in August 2023 when compared to 40.7% in July this year, according to data computed by the Central Bank of Egypt (CBE).
The CBE added that the monthly core consumer price index (CPI) inflation reached 0.3% in August 2023 when compared to 0.6% during the same month in 2022. It further marked a plunge from 1.3% in July 2023.
Furthermore, the central bank said the country’s annual headline inflation rate stood at 37.4% in August 2023, compared with 36.5% in July this year.
It is worth noting that core inflation measures the change in the costs of goods and services, excluding the food and energy sectors. Meanwhile, urban headline inflation is the total inflation rate of a country that measures the change in prices of goods and services consumed by urban households.
CAPMAS Data
The Central Agency for Public Mobilization and Statistics (CAPMAS) stated that Egypt’s monthly headline urban CPI inflation recorded 1.6% in August 2023 based on hitting 184 points. The rise is compared to 0.9% during the same month in 2022 and to 1.9% in July this year.
CAPMAS added that the core inflation rate recorded 39.7% in August 2023. The high-rate level was compared to 38.2% in July this year and compared with 15.3% in August 2022.
It is worth mentioning that Egypt’s headline seasonally adjusted Purchasing Managers’ Index (PMI) signalled 49.2 in August 2023.
On the other hand, the Arab republic’s net international reserves reached $34.92 billion at the end of August.
