(4 minutes read)
· Egypt’s annual core inflation rate recorded 4.7 percent in May 2020, down from 5.9 percent in April 2020, according to the
Central Bank of Egypt (CBE).
· Core inflation discounts certain categories that are considered more volatile.
· CBE said that the core inflation recorded a monthly rate of 0 percent in April 2020, compared to 1.1 percent in May 2019, and 1.3
percent in April 2020.
· The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual consumer price inflation
recorded 5 percent in May 2020, compared to 13.2 percent in May 2019.
Egypt’s annual core inflation rate recorded 4.7 percent in May 2020, down from 5.9 percent in April 2020, according to the Central Bank of Egypt (CBE). Core inflation discounts certain categories that are considered more volatile.
CBE said that the core inflation recorded a monthly rate of 0 percent in April 2020, compared to 1.1 percent in May 2019, and 1.3 percent in April 2020. The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s annual consumer price inflation recorded 5 percent in May 2020, compared to 13.2 percent in May 2019.
The sustainable development plan for 2020-21 expected the inflation rate to increase to 9.8 percent if the crisis continued until December 2020. Significantly, inflation remains within the Central Bank of Egypt’s (CBE) target range of 9 percent, plus or minus 3 percentage points. This is despite the huge government spending to boost the economy.
In the meantime, international institutions are appreciative of the ability of the Egyptian economy to positively deal with and overcome
the coronavirus crisis. Both Moody’s and Standard & Poor are positive about the economic outlook. The multilateral organizations feel that the economic reforms that were undertaken by the political leadership and supported by the Egyptian people give a measure of stability to
the economy, enabling it to deal with internal and external challenges and shocks.
