São Paulo – Though still high, Egypt’s annual urban consumer price inflation slid to 25.2% in July from 27.1% in June, the country’s statistics agency Capmas showed on Thursday (8).
Month-on-month, prices fell by 0.5% in July. Food prices rose by 0.6% in July, though they were still 28.6% higher than a year ago.
Egypt secured 36,600 tonnes of sunflower oil through an international tender.
Egypt also launched its largest-ever wheat tender earlier, seeking to import 3.8 million tonnes as it aims to capitalize on a drop in global wheat prices.
Securing wheat at reduced prices could significantly lower Egypt’s import bill, aiding efforts to stabilize the economy.
Inflation suffers effects from budget adjustments
The government raised the price of some subsidized products to battle a budget deficit.
In June, the government raised the price of subsidized bread by 300% and in July the price of fuel by up to 15%. Inflation is expected to end 2024 at 30% and stay below 20% in 2025.
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