CBE: Annual inflation rate down to 6.49% in July

The annual inflation rate declined to 6.49 percent in July, compared by 9.07 percent in June, announced the Central Bank of Egypt (CBE).

In a statement Monday, the CBE said that the monthly main inflation rate hit 0.3 percent in July, against 0.61 percent in June.

Earlier, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced that the annual inflation rate hit its lowest level in 2015 so far in July with 8.3 percent compared to July 2014.

The CAPMAS added that the annual inflation rate reached 11.5 percent in June, 13.5 percent in May, 11 percent in April, 11.8 percent in March, 10.7 percent in February and 9.4 percent in January.

The CBE has developed a special indicator to measure the inflation rate according to the CAPMAS report, free from goods affected by temporary supply shocks as fruits and vegetables, in addition to goods and services of administratively-specified prices.