The Egyptian Cabinet media center announced Saturday that Egypt has topped all other emerging markets in containing inflation. According to the center’s report, the International Monetary Fund (IMF) confirmed that Egypt achieved the largest annual decline in inflation rates in emerging markets in 2020 compared to 2019, with a decrease of about 8.2 percent. It recorded an inflation rate of 5.7 percent in 2019/2020 compared to 13.9 percent in 2018/2019. Meanwhile, food prices increased three times this year, rising by 0.1 percent in June, 1 .3 percent in April, and 2.6 percent in January. Several international institutes have praised the government’s efforts to contain inflation, the report noted, with Bloomberg stating that the country’s continued focus on supplying markets with fruits and vegetables in a sustainable way has helped contain food price inflation.

Source: Egypt Independent November 21, 2020 15:00 UTC