Egypt’s annual urban inflation down to 10.4%

12 Aug 2011

(MENAFN) Egypt’s Central Bank said that since food prices declined, last month, yearly urban inflation fell to 10.4 percent from June’s 11.8 percent, recording the lowest level in seven months, reported Arab News.

The bank added that in the year to July, food and beverage prices slowed down 16.7 percent from 19 percent in the previous month, moreover, in the period, core annual inflation, also slowed down to 8.71 percent from 8.94 percent in June.

It also said that real gross domestic product (GDP) fell by 4.2 percent in the fiscal third quarter registering its first year-on-year contraction since the country released its first quarterly GDP data in 2001/2002.

It is worth noting that in July, the central bank kept its key lending rate at 9.75 percent and the deposit rate at 8.25 percent.

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