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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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