RIYADH: Egypt’s annual inflation rate slowed to 13 percent in May from 13.4 percent in the previous month, extending a gradual easing in price pressures as authorities push ahead with economic reforms and tighter monetary policy.
Data released by the Central Agency for Public Mobilization and Statistics, or CAPMAS, showed the consumer price index rose 1.4 percent month on month to 292 points in May.
The moderation comes as Egypt’s economic outlook improves following a series of reforms backed by an $8 billion International Monetary Fund support package agreed in March 2024.
Egypt’s economic outlook is improving, with the Central Bank of Egypt forecasting growth of 4.3 percent to 4.5 percent in the current fiscal year and average annual inflation of around 12 percent.
“The food and beverages sector recorded an increase of 2.1 percent due to a rise in the prices of the cereals and bread group by 0.3 percent, the meat and poultry group by 3.5 percent, and the fish and seafood group by 1.3 percent, as well as the oils and fats group by 0.5 percent, and the fruit group by 12.7 percent,” CAPMAS said.
