The inflation rates in Egypt declined during April on both monthly and annum levels, according to the Central Agency for Public Mobilization and Statistics in Egypt.
Egypt's annual inflation rate in April was 12.5 percent, compared to 13.8 percent in March, while April's monthly inflation was 0.4 percent from 0.9 percent in March.
According to the Statistics Authority, the monthly inflation in April was affected by a rise in fruit prices of the group by 12.9%, fish and seafood by 5.6%, cereals and bread by 0.9%, garments by 2.3% and organized tourism by 4.5%.
The Egyptian core inflation rate also declined in April to 8.1% y-o-y from 8.9% in March. It is worth noting that the basic inflation does not include commodities such as fruits and vegetables because of the sharp fluctuations in their prices.
The sluggish pace of inflation in Egypt is due to the state's intervention by offering low-priced food to citizens. According to Bloomberg, controlling the inflation is a key goal of the Egyptian government, which is implementing a comprehensive economic reform program aimed at boosting the economic growth and attracting foreign investors.
Source: (Asharq Al-Awsat newspaper, Edited)
