Egypt's annual urban inflation fell to 14.4 percent in February from 17.1 percent in January, the lowest since October 2016, the Central Bank of Egypt said in a statement Thursday.

Inflation has been moving in a downwards direction for seven consecutive months, according to figures provided by state statistics agency CAPMAS.

The CBE monetary policy committee is set to meet on 29 March to decide on interest rates.

The bank lowered interest rates for the first time since January 2015 on 15 February 2018 by 100 basis points, on the back of easing inflation.

The bank is targeting an annual inflation of 13 percent plus or minus 3 percent in the last quarter of 2018, followed by single-digit inflation rates, according to the statement.

Annual inflation peaked in July 2017 at 33 percent, after the CBE floated the EGP in November 2016.