November inflation rate at 6.6%

The Central Bank announced yesterday that the annual inflation rate hit 6.6 percent in November, up slightly from 6.5 percent the previous month. The monthly inflation rate went down to 0.03 percent from 0.36 percent in the same period.

The bank attributed the decline in the monthly rate to lower food prices, particularly fish, eggs and sugar. It said the rate could have declined further had meat and poultry prices not gone up during the same period.

Prices of consumer products went up 0.3 percent in November, while prices of services stayed the same.

The bank excluded prices of vegetables, fruits, electricity and gas from its calculations.

Raouf Kidwani, the Egyptian Export Development Bank Money Markets Department Director, said his bank doesn’t rely on the inflation rate to determine the interest rates for clients.

Translated from the Arabic Edition.

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