STORY: Egypt's annual headline inflation continues downturn trend in June
SHOOTING TIME: Archive
DATELINE: July 11, 2024
LENGTH: 00:00:52
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. various of the Central Agency for Public Mobilization and Statistics
2. various of markets
3. various of Cairo

STORYLINE:

Egypt's annual headline inflation rate dropped to 27.1 percent in June, down from 27.4 percent in May, continuing a downward trend for the fourth consecutive month, the country's statistics body reported on Wednesday.

In a statement, Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) attributed the slowdown to the decline in prices of cereal and bread by 13.5 percent, poultry and meat by 3.7 percent, and vegetables by 2.3 percent.

The price of food and vegetables jumped by 30.8 percent in June, transportation by 17.5 percent, electricity, fuel, and water by 12.4 percent, clothes and shoes by 25.9 percent, and culture and entertainment services by 56.6 percent, CAPMAS added.

Over the past two years, the U.S. dollar shortage in Egypt has led to the devaluation of the local currency and the rise of a parallel currency exchange market in the country, plunging Egypt into one of its worst economic crises.

The crisis was further exacerbated by the Israel-Hamas conflict erupted last year, which has impacted Egypt's tourism sector and halved its revenues from the Suez Canal.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)