Egypt\u2019s annual consumer price inflation fell to 30.9 percent in May, compared to 32.9 percent in April, the Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Thursday.<\/p>\n
Consumer price inflation recorded its first fall since the flotation of the Egyptian pound last November, when the inflation rate recorded 14 percent.<\/p>\n
Annual urban inflation fell slightly to 29.7 percent in May from 31.5 percent in April, the official CAPMAS statistics agency said<\/p>\n
Prices of meat and poultry rose in May by 3.6 percent; while prices for vegetables saw a price increase of 1.7 percent; fruits rose 6.4 percent, and the fish and seafood rose 2.2 percent.<\/p>\n
Consumer price inflation increased in April by 1.8 percent month-on-month, compared to a 2.1 percent increase a month earlier.<\/p>\n
Egypt abandoned its currency peg of 8.8 Egyptian pounds per dollar and floated the local currency in November, halving its value and helping the government to finalize a $12 billion International Monetary Fund program.<\/p>\n
In May, the IMF concluded its first review of Egypt\u2019s economic reform program, signing off on a staff level agreement to disburse its next payment and praising the country\u2019s efforts so far.<\/p>\n
Egypt last year committed to an economic reform program that includes raising taxes and lifting subsidies as part of a three-year $12 billion IMF loan.<\/p>\n
(Egypt Independent)<\/p>\n","protected":false},"excerpt":{"rendered":"
Egypt\u2019s annual consumer price inflation fell to 30.9 percent in May, compared to 32.9 percent in April, the Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Thursday. Consumer price inflation recorded its first fall since the flotation of the Egyptian pound last November, when the inflation rate recorded 14 percent. […]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7863],"tags":[10144,2484,7945],"class_list":["post-13963","post","type-post","status-publish","format-standard","hentry","category-english-section","tag-currency-float","tag-egypt","tag-inflation"],"yoast_head":"\n