Egypt’s inflation slows to 25.7pc

CAIRO, Aug 08 (Arab News): Egypt’s annual urban consumer price inflation slid to 25.7 percent in July from 27.5 percent in June, a rate of decline faster than analysts had forecast, the country’s statistics agency CAPMAS showed on Thursday.
Month-on-month, prices fell by 0.4 percent in July, down from 1.6 percent in June. Food prices declined by 0.3 percent in July, though they were still 28.5 percent higher than a year ago.
Egypt is one of the world’s largest wheat importers, bringing in about 5.5 million tonnes annually to provide subsidized bread for millions.
On Aug. 7, Egypt’s state grains buyer GASC announced it had secured 36,600 tonnes of sunflower oil through an international tender. The purchase included 24,600 tonnes scheduled for delivery between Oct. 15 and Oct. 31, and 12,000 tonnes for delivery between Nov. 1 and Nov. 15.