File Photo: A trader waits for customers at a market in Abbdien square in Cairo, Egypt (Reuters)
Egypt’s annual urban inflation recorded 5.3 percent in February, down from 7.2 percent in January, with monthly inflation recording 0 percent, the Central Agency for Public Mobilisation and Statistics (CAPMAS) announced on Tuesday.
The annual inflation for rural Egypt recorded 4.5 percent in February, with monthly inflation recording -0.1 percent.
According to Trading Economics (TE) Egypt's inflation rate is expected to reach 6 percent by the end of the current quarter, estimating the rate to stand at 9 percent in 12 months’ time.
In the long term, the inflation rate is projected to trend around 8.30 percent in 2021 and 8.20 percent in 2022, according to TE's econometric models.
In October, The International Monetary Fund (IMF) lowered its forecast for Egypt’s consumer price index (CPI) to 9.6 percent for fiscal year 2019/2020 from 10.7 percent.
In addition, the IMF expected Egypt’s inflation rate to slow down to 7.4 percent in FY2020/2021 and 7 percent in FY2021/2022, according to the IMF’s fifth and final review of Egypt’s economic reform programme.
The IMF also projected that Egypt’s economic growth will reach 5.9 percent during FY2019/2020.