(MENAFN) Recent official data showed that Egypt's urban consumer inflation has recorded a six-year low level at 6.4 percent in July, driven by a smaller increase in food prices, Reuters reported.
According to the state statistics agency Capmas, Urban consumer inflation cooled from 7.2 percent recorded in the previous month.
Core inflation, used by the central bank to help set interest rates policy, slowed to 6.34 percent from 7.04 percent in June.
Egypt's economy struggles to recover from the political turmoil in the 18 months since the overthrow of President Hosni Mubarak, however, analysts ruled out the central bank's move to cut interest rates.
Egypt's pound is under pressure from weak inward investment and tourism and the central bank has spent well over half its foreign exchange reserves to evade a sharp decline in the currency.
This month, the government is set to resume negotiations with the International Monetary Fund over a long-awaited USD3.2 billion emergency loan to help to support its weakening finances.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.