CAIRO: Egypt’s annual urban consumer price inflation dropped to 17.1 per cent in January from 21.9 per cent in December, the official statistics agency said on Thursday.
Inflation reached a record high in July of around 35 per cent on the back of energy subsidy cuts, but gradually declined since as inflationary pressure caused by Egypt floating its currency eased.
The Egyptian pound lost half of its value and prices shot up after Egypt floated the currency in November 2016 to secure a $12 billion (Dh44 billion) International Monetary Fund (IMF) deal to revive its economy. The IMF said in a report last month it expected inflation to fall to 12 per cent by June and to single digits by 2019.
—Reuters
