Egypt’s statistics office CAPMAS said 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 fall that was quicker than expected by analysts.
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 costs, although they were still 28.5 percent higher than a year earlier.
Egypt is one of the biggest importers of wheat in the world, taking in over 5.5 million tonnes a year to feed millions of people with subsidized bread.
Egypt’s official grain purchaser, GASC, declared on August 7 that it had won 36,600 tons of sunflower oil in a global contract.
24,600 tonnes of the transaction were scheduled for delivery between October 15 and October 31, and 12,000 tonnes were scheduled for delivery between November 1 and November 15.
In this tender, GASC did not purchase any soybean oil.
Earlier this week, Egypt also announced the largest-ever wheat tender, hoping to import 3.8 million tonnes in an attempt to take advantage of the decline in wheat prices to four-year lows throughout the globe.
Egypt’s import cost may be considerably cut by obtaining wheat at a discount, supporting attempts to stabilize the economy.
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