CAIRO: Egypt’s statistics agency CAPMAS revealed on Thursday that the country’s annual urban consumer price inflation dropped to 25.7 percent in July from 27.5 percent in June, a rate of decline that was quicker than expected by analysts.
Prices decreased by 0.4 percent in July compared to 1.6 percent in June on a month-over-month basis. July saw a 0.3% decrease in food prices, but they were still 28.5 percent higher than a year earlier.
Egypt is one of the biggest importers of wheat in the world, bringing in roughly 5.5 million tonnes a year to feed millions of people with subsidised bread. Egypt’s official grain purchaser, GASC, declared on August 7 that it had won 36,600 tonnes of sunflower oil in a global tender.
24,600 tonnes of the purchase were scheduled for delivery between October 15 and October 31, and 12,000 tonnes were scheduled for delivery between November 1 and November 15.
Earlier this week, Egypt also announced the largest-ever wheat tender, hoping to import 3.8 million tonnes to take advantage of the decline in wheat prices to four-year lows worldwide. Obtaining wheat at a discount could considerably reduce Egypt’s import bill, supporting efforts to stabilise the economy.
Also Read:
Barclays Eliminates the Senior Banker Bonus Cap in the EU
Arab Nations’ Oil and Gas Industries Draw 610 Projects Totalling $406 Billion