Egypt’s inflation slow in November
11 Dec 2014
(MENAFN) Egypt said that it has registered a decline in both its annual urban consumer inflation and core inflation in November, which is another good sign that the country’s economic status is regaining its stability after three years of political unrest, Gulf Daily News reported.
The country said that the more than 40 percent slump in oil prices since June has benefited in declining the country’s inflation since it is a major importer of oil, as well as the slow rise in food prices.
In November, urban consumer inflation dropped to 9.1 percent after rising to 11.8 percent the previous month, while core inflation, declined for a second month, to 7.81 percent from 8.47 percent registered during the prior month.
At their current status, Egypt’s inflation has returned to its June levels after registering an increase in July and August after the government made the decision to cut its energy subsidies which resulted in fuel prices going up by 74 percent.