Annual Urban Consumer Price Inflation Rate Decreases to 25.7% in July

Egypt’s annual urban consumer price inflation has declined to 25.7% in July, from a high of 27.5% in June. This decrease is faster than Egypt’s statistics agency CAPMAS had expected.

The month-on-month decrease in prices indicates a 0.4% decrease in July, as compared to a 1.6% decrease in June, with food prices declining by 0.3% in July.

The country entered into a USD 8 billion financial support package with the IMF in March, which has obliged it to devalue the Egyptian Pound as well as to increase many domestic prices.

In line with the IMF agreement, Egypt raised its bread prices by 300% in early June, and raised the price of fuel by 15% in July.