Egypt’s annual urban consumer price inflation slowed to 11.7% in September from 12% in August, according to data from statistics agency CAPMAS.
This deceleration is less than what analysts in a Reuters poll had anticipated, with a median forecast of 11%.
The annual inflation rate has significantly dropped from a record 38% in September 2023, helped by an $8 billion financial support package from the International Monetary Fund in March 2024.
Month-on-month, prices rose by 1.8% in September, with food and beverage prices increasing by an annual 1.4% and a monthly 2.0%.
Slowing inflation prompted Egypt’s central bank to cut its overnight lending rate by 100 basis points on October 2, following an August 28 cut of 200 basis points.
