Egypt/ Inflation August 2020 reading
Another notable depression in both annual and monthly headline inflation in August: Annual urban headline inflation fell to 3.4% in August, its lowest level in 10 months, down from 4.2% in July. August reading came well below our expectation of 5% as it was driven by the significant fall in food prices, while non-food inflation remained stagnant at 6.9%. Average monthly prices slumped by 0.2%, against acceleration by 0.4% in July, despite the hikes in metro ticket prices on the back of the further slippage in food prices.
Mona Bedeir
Senior Economist
Tel.: +202 3300 5722