The annual inflation rate in Egypt stabilized at 30.9% in June, unchanged from May, according to the Central Agency for Public Mobilization and Statistics (CAMPAS) on Monday. The annual inflation rate fell in May to 30.9%, down from 32.9% in April—its record high in decades. This was the first drop in the inflation rate since the pound was floated in November 2016. El-Garhy told Daily News Egypt that the lower monthly inflation rate is a positive indicator that will accelerate future interest rate cuts. Economic expert Hany Genena said that the stability of the annual inflation rate is a positive indicator despite the recent reform carried out by the government.

Source: Daily News Egypt July 10, 2017 12:22 UTC