Egypt’s inflation rates fell in March to their lowest levels in almost two years, paving the way for more interest rate cuts in the wake of a 2-percentage-point decline since February, Reuters reports.
Inflation climbed after Egypt devalued the pound in November 2016, reaching a record high of 33% in July 2017 following energy subsidy cuts. It has gradually eased since, prompting the central bank to begin loosening monetary policy.
Annual urban consumer price inflation eased to 13.3% in March from 14.4% in February, its lowest rate since May 2016, according to the official statistics agency CAPMAS.
Core inflation, which strips out volatile items like food, fell to 11.59% year-on-year in March from 11.88% in February, its lowest rate since April 2016, according to the central bank.
