Egypt urban inflation steady at 13.2 per cent: agency

Egyptian urban consumer inflation in the 12 months to December was steady at 13.2 per cent, lower than most analysts' expectations, the state-run CAPMAS statistics agency said on its website on Sunday.

A Reuters calculation based on the CAPMAS inflation index figures released earlier had indicated that December urban inflation had edged up to 13.28 per cent. The reason for the discrepancy was not immediately clear.

Inflation in the year to November was also 13.2 per cent, although month-on-month urban prices fell 1.3 per cent in December, led by food and beverages, CAPMAS said.

Seven analysts surveyed by Reuters had predicted an average of 14.28 per cent, with estimates ranging from 13.1 to 15.5 per cent.

"We are surprised by the stability in annual headline inflation, given the visible signs of accelerating food prices in December in the run up to religious holidays," Beltone Financial said in a comment sent by e-mail.

Beltone had expected inflation of between 15 and 15.5 per cent.

The central bank, at its last policy meeting on December 24, kept its key interest rates on hold, indicating it believed inflation would continue to be high.

"It is important to underscore that the December inflation out-turn is expected to reflect unfavourable base effects from last year," the central bank said in a statement after the policy meeting.