Reported about 1 year ago
Egyptian inflation slowed to 28.1% annually in May, down from 32.5% the previous month, hitting the lowest rate in a year and a half. The decline was driven by a 3% monthly drop in food and beverage prices, with annual rates falling from 40.5% to 31%. Despite a significant currency devaluation and subsidized bread cost increase, authorities believe the impact on inflation will be minimal, as consumer costs are expected to continue cooling for the rest of 2024, aligning with the government's efforts to trim subsidies and cut spending.
Source: YAHOO