Egypt’s headline inflation slows to 30.6% in April
2023.05.10 05:38
© Reuters. FILE PHOTO: An Egyptian fruit seller is seen at a market in Cairo, Egypt, December 10, 2018. REUTERS/Mohamed Abd El Ghany
CAIRO (Reuters) – Egypt’s annual urban consumer inflation in April slowed to 30.6% from 32.7% in March, data from the state statistics agency CAPMAS showed on Wednesday, lower than analysts had expected.
Month-on-month, urban inflation slowed to 1.7% from 2.7% in March and 6.5% in February.
Inflation had steadily crept up over the last year after a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting imports into the country.
The median forecast of 13 analysts polled had suggested annual urban consumer inflation would slip to 31.0% in April.
Egypt has devalued its currency by half since March 2022 after fallout from Russia’s invasion of Ukraine exposed its economic vulnerabilities. The government secured a $3 billion financial support package from the International Monetary Fund (IMF) in December.
