Egypt’s inflation slows to a four-year low of 8.7% in July
Saturday, 08 10 2019, Category: Economy, Country: Egypt
Egypt’s annual urban consumer price inflation decreased to 8.7 percent in July from 9.4 percent in June, official statistics agency CAPMAS said on Thursday, its lowest in nearly four years.
Egypt is approaching the end of an IMF-backed economic reform program, which included steep subsidy cuts and a currency devaluation and saw inflation rise to a high of 33 percent in 2017.
July’s rate defied analysts’ expectations since it followed a fresh round of fuel subsidy cuts that pushed prices up 16-30 percent.