Annual urban price inflation in Egypt eased to 13.3%, down from 14.4% in February, marking its lowest level on record since May 2016, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS) statement on Tuesday. The current inflation rate is in line with the Central Bank of Egypt (CBE) target of 13% (±3). Inflation climbed after the currency flotation in November 2016, to reach a record high of 33% in July 2017. However, it has gradually eased since, prompting the CBE to begin loosening the tight monetary policy adopted to control inflation. According to the CAPMAS statement, prices rose 1% on a month-over-month basis for the third consecutive month.

Source: Daily News Egypt April 10, 2018 21:22 UTC