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Egypt’s core inflation rate fell to 27.1% in May: CBE

Ahram Online , Monday 10 Jun 2024

Egypt’s core inflation declined for the third consecutive month in May, reaching 27.1 percent, compared to 31.8 percent in April, the Central Bank of Egypt (CBE) announced on Monday.

Central Bank of Egypt
The Central Bank of Egypt (Photo: Al-Ahram)

 

The core inflation rate decreased by 0.3 percent in May compared to April. The rate of change improved to 0.8 percent in May, compared to 2.9 percent in May 2023.

On Monday morning, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Egypt's annual headline inflation rate has maintained its downturn trend for the third consecutive month, dropping to 27.4 percent in May from 31.8 percent in April.

The indicators reflecting the decline in the inflation rate signify an improvement in Egypt's economic metrics, which align with the country's economic reform programme.

Inflation rates are the key factor that drives the decision of the CBE's Monetary Policy Committee (MPC) on key interest rates in the eight meetings the committee holds over the year.

In the IMF’s statement on the programme's third review, the fund said that tightening Egypt’s monetary policy will remain over the short term, which indicates that inflation could remain high over the near term.

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