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Egypt inflation decreases to 28.1% in May

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Egypt's annual urban consumer price inflation decreased to 28.1% in May from 32.5% in April, slowing even faster than analysts had expected, data from the statistics agency CAPMAS showed on Monday.

Inflation has been elevated for the past year, driven largely by rapid growth in the money supply © Mena Today 

Egypt's annual urban consumer price inflation decreased to 28.1% in May from 32.5% in April, slowing even faster than analysts had expected, data from the statistics agency CAPMAS showed on Monday.

A poll of 19 analysts had forecast inflation to decrease to a median 30.4%, continuing a slowing trend that started in September, when inflation peaked at 38.0%. Food prices in May were 31.0% higher than in May 2023.

May was the third straight month of declines since a surprise surge in prices in February. Month on month, prices fell by 0.7% in May, while food prices dropped by 3.0%.

Inflation has been elevated for the past year, driven largely by rapid growth in the money supply.

Reporting by Nadine Awadalla in Dubai

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