Inflation remained in the range of (7 +/- 2 percent) i.e. 5 to 9 percent targeted by the Central Bank of Egypt. The bank meets on October 28 to set interest rates.
“Monthly inflation came in higher than our expectations,” said Allen Sandeep of Naeem Brokerage, according to Reuters. Mainly due to a jump in the prices of vegetables and meat. The food price index rose 3.5 percent on a monthly basis.
The central bank kept key interest rates unchanged at its last meeting on September 16, saying that global financial conditions remained “appropriate”.
The Petroleum Products Automatic Pricing Committee also raised domestic fuel prices in a quarterly price review on Friday.
The central bank said yesterday that core inflation also rose to 4.8 percent on an annual basis last September from 4.5 percent in August. The core inflation rate does not include highly volatile prices such as food prices.
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