Egypt annual inflation slows to 9.4 per cent

President Abdel-Fattah al-Sissi of Egypt
President Abdel-Fattah al-Sissi of Egypt. [PHOTO CREDIT: The Indian Express]

Egypt’s annual urban consumer price inflation eased to 9.4 per cent in June from 14.1 per cent in May, official statistics agency, CAPMAS, said on Wednesday.

Analysts said the sharp decline was unexpected after last week’s fuel price hikes.

“That’s a bigger than expected drop,” said Allen Sandeep, head of research at Naeem Brokerage.

“Good news for the markets, as this could raise hopes for a rate cut tomorrow.”

The Central Bank of Egypt’s monetary policy committee will meet on Thursday to decide whether to move its key interest rates.

It held them steady at its last two meetings in May and March after a surprise cut in February.

Of 15 contributors to a Reuters’ poll, Mr Naeem was the only one to predict a cut on Thursday.

Egypt raised fuel prices last week by between 16 per cent and 30 per cent as part of an IMF-backed economic reform programme that saw inflation rise to a high of 33 per cent in 2017.

(Reuters/NAN)

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