Egypt’s annual inflation decreased to hit 7.9% in August, down from 8.3% in July, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).  The National explains that the current level of inflation is the lowest since 2013, remarking that the main cause was declining oil prices.

Daily News Egypt added that the drop in oil prices substantially contributed to the reduction of petroleum subsidies in the fiscal year (FY) 2014/2015 budget to EGP 100b, compared to EGP 134b in FY 2013/2014.