The Central Bank of Egypt announced in a statement that the annual core inflation rate declined slightly to 39.5 percent in March 2023 from 40.3 percent recorded in February.
The annual headline urban consumer inflation rate went up to 32.7 per cent in March 2023, up from 31.9 per cent in February.
The monthly headline urban consumer price index (CPI) registered 2.7 per cent in March, down from 6.5 per cent in February, but up from 2.2 per cent in the same month a year earlier.
Egypt has a commitment with the International Monetary Fund (IMF) to reduce inflation to seven percent by FY2024/2025.The country is currently under the first review for its Extended Fund Facility (EFF) which allows it to receive a total loan of US $3 billion over 46 months from the IMF. The fund has yet to announce the review’s results.
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