CAIRO: Egypt’s annual urban consumer price inflation slid to 25.7 percent in July from 27.5 percent in June, a rate of decline faster than analysts had forecast, the country’s statistics agency CAPMAS showed on Thursday.
Month-on-month, prices fell by 0.4 percent in July, down from 1.6 percent in June. Food prices declined by 0.3 percent in July, though they were still 28.5 percent higher than a year ago.
Egypt is one of the world’s largest wheat importers, bringing in about 5.5 million tonnes annually to provide subsidized bread for millions.