Egypt core inflation slows to 8.86pc in May
Cairo, June 10, 2014
Egypt's annual core inflation rate, which strips out subsidised goods and volatile items including fruit and vegetables, slowed to 8.86 per cent in May from 9.11 per cent in April, the central bank said on Tuesday.
The urban consumer inflation rate slowed to 8.2 per cent in May from 8.9 per cent in April, official statistics agency Capmas said on earlier Tuesday.
Egypt's economy has been in turmoil for the past three years since a popular uprising ousted autocrat Hosni Mubarak in 2011, deterring tourists and foreign investors and putting a strain on the country's finances and foreign reserves.
Annual inflation reached its highest rate in nearly four years in November but has been falling back since then.
Despite billions of dollars in aid from Gulf states, and two stimulus packages, economic recovery in the most populous Arab nation has been slow.
Gross domestic product only grew 2.1 per cent last year and it is forecast to grow by 2-2.5 per cent in 2014/15. - Reuters