Egypt’s Central Agency for Public Mobilisation and Statistics (CAPMAS) announced Thursday that annual urban inflation fell 5.1 percent in March 2020, down from 5.3 percent in February, with monthly inflation recording 0.6 percent against 0 percent in February.

It is the second month in a row for Egypt’s inflation rates to inch down. The new rate is the lowest rate recorded since November 2019.

CAPMAS added that annual inflation for rural Egypt recorded 4.1 percent in March 2020, with monthly inflation of 0.6 percent, noting that food and non-alcoholic beverages pushed monthly inflation higher.

According to Trading Economics (TE), Egypt’s inflation rate is expected to be 7.30 percent by the end of this quarter, estimating that it will stand at 8.50 percent in 12 months' time.

Over long term, Egypt’s inflation rate is projected to trend around 7.60 percent in 2021 and 7.50 percent in 2022, according to ET’s econometric models.