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
Donald Trump's envoys met with Egyptian, Qatari and Turkish mediators in Cairo on Sunday, a diplomatic source said, in a bid to advance the U.S. president's Gaza peace plan, even as Israel pressed on with airstrikes in the enclave.
Hundreds of migrants who recently entered Spain's North African enclave of Ceuta staged a protest on a popular urban beach on Sunday, urging Spanish authorities to grant them asylum instead of sending them back to Morocco.
Authorities in eastern Libya under military commander Khalifa Haftar helped secure the release of an American missionary held hostage held by an Islamic State affiliate in West Africa's Sahel region, escorting him to freedom through Libya, five sources told Reuters on Friday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.