Egypt’s annual urban consumer price inflation fell to 4.2% in July – CAPMAS

Egypt’s annual urban consumer price inflation fell to 4.2% in July – CAPMAS

CAIRO  - Egypt's annual urban consumer price inflation fell to 4.2% in July from 5.6% in June, the central statistics agency CAPMAS said on Monday.Month on month inflation increased to 0.4% in July from 0.1% in June mainly on the back of an increase in electricity and energy prices, the agency said.Allen Sandeep, head of research at Naeem Brokerage, called the fall in the annual rate a "positive surprise", highlighting a 0.9% monthly drop in the price of food.Consumer demand ahead of and during the Muslim holiday of Eid al-Adha, which fell on July 31, had slowed likely due to concerns over spending at a time of uncertainty, Sandeep said.July's inflation rate however remained well below the central bank's target of 9% plus or minus three percentage points.At its last