Africa-Press. The annual inflation rate for consumer prices in Egypt decreased to 14.9% in April, compared to 15.2% in March, according to data from a local source.
The data showed that prices rose by 1.1% on a monthly basis in April, while food and beverage prices fell by 0.7% compared to the previous month, although they remained 6.7% higher on an annual basis.
This slight decline in inflation comes despite ongoing economic pressures related to rising energy costs and fluctuations in global markets, as well as the repercussions of the Iran conflict, which have affected supply chains and import prices.
Egypt has experienced record inflation waves in recent years, peaking at around 38% in September 2023, before rates began to gradually decline, supported by monetary measures and economic reforms linked to an international financial institution’s program.
Investors and financial markets are monitoring the direction of the Central Bank of Egypt in the coming period, amid expectations that continued declines in inflation may provide policymakers with greater leeway to review interest rates and support economic growth.
Official data released today also indicated a preliminary growth of 5% in Egypt’s gross domestic product during the first quarter of the year, compared to 4.8% a year earlier, reflecting signs of relative improvement in economic activity despite ongoing challenges.
