Egyptian inflation falls to 10 pct in June: report
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Egyptian inflation falls to 10 pct in June: report UPDATED 09 Jul 2009 | 06:50  
Egyptian inflation falls to 10 pct in June: report

CAIRO (Reuters) - Urban consumer inflation in Egypt eased to 10.0 percent in the year to June, down from 10.2 percent in May, two economists reported on Thursday, citing Egypt's state-run CAPMAS statistics agency.

The June figure could not immediately be confirmed from

CAPMAS.

Beltone Financial senior economist Reham ElDesoki, referring to the June rate of 10.0 percent, said the figure was expected. Beltone had forecast a range of 9.5 to 10.0 percent but said the latter was more likely.

"We had expected inflationary pressures would continue to sustain a rise in monthly inflation, in the lead up to the summer months, Ramadan and religious holidays, as inflation usually rises in the second half of the year," she wrote.

Two other forecasts had predicted a rate of 9.9 percent.

"We will be watching for signs that recent food prices increases have spilt over to non-food prices," Simon Kitchen, economist at investment bank EFG-Hermes, said ahead of the announcement.

CI Capital had said they had raised their forecast to 9.9 percent from 9.7 percent "against the backdrop of a continuous rise in oil prices".

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