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Egypt records 5.1% inflation slump in 2020

The report indicates a 10.1 percent slump in the price of vegetables, followed by a 0.6 slump in the price of fish and seafood

Egypt’s inflation rate recorded a 5.1 percent slump last year, compared to 8.5 percent in 2019, media reports said. It is reported that the annual inflation rate across the country was about 6 percent for December 2020, compared to 6.8 percent in the same period in 2019.

The reports are produced by the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS). Furthermore, the country’s consumer price index recorded 110.6 points for December last year, marking a 0.5 percent slump compared to November.

The reports indicated a 10.1 percent slump in the price of vegetables, followed by a 0.6 slump in the price of fish and seafood, 0.2 percent slump in the price of meat and poultry, 0.1 percent dip in the price of milk, eggs and cheese and a 0.6 percent slump in the prices of ready-made garments.

The country’s central bank has decided to keep interest rates unchanged. The development was announced at the monetary policy committee meeting last year. The bank indicated that the surge in general inflation in November last year reflected a temporary halt towards the supply shock of specific vegetables and a slight surge in the annual rate of core inflation to 4 percent compared to 3.9 percent the month earlier. The figures marked a control in the inflationary pressures.

The central bank expected a 6 percent slump in the average rate of general inflation during Q4 last year.

The pandemic has hampered many global economies such as the UK, the US and India. However, the latest Covid-19 vaccine rollout has raised rebound hopes of many companies and the global economy.

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