– Egypt’s annual urban consumer price inflation dropped to 28.1% in May, down from 32.5% in April, according to CAPMAS.
– Analysts had predicted a fall to 30.4%, with food prices in May rising 31.0% year-on-year.
– Core inflation, excluding fuel and volatile food items, decreased to 27.1% in May from 31.8% in April, marking the third straight month of decline.
Egypt’s annual urban consumer price inflation dropped to 28.1% in May from 32.5% in April, surpassing analysts’ expectations, according to data from the statistics agency CAPMAS.
Analysts had forecast a decline to 30.4%, continuing a downward trend from a peak of 38.0% in September. Food prices in May were 31.0% higher than in May 2023.
Core inflation, which excludes fuel and some volatile food items, eased to 27.1% year-on-year in May from 31.8% in April, central bank data showed.
This marked the third consecutive month of decline since a sudden price surge in February.
Month-on-month, overall prices in May fell by 0.7%, while food prices decreased by 3.0%. Inflation has remained elevated over the past year, primarily driven by rapid growth in the money supply.
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