Egypt says inflation drops for first time in 7 months

2017-06-08 21:02


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Cairo - Egypt's central bank says that inflation fell to 29.7% in May, down from 31.5% in April, the first decline in seven months when the Egyptian pound was devalued.

The figures, published by the CBE Thursday, also show that year-on-year core inflation declined to 30.5% in May, down from 32.1% in April. Core inflation excludes volatile commodities such as food and energy.

Egypt floated its currency in November to meet a key demand set by the International Monetary Fund in exchange for a $12bn loan to support the country's ailing economy. An installment of $2.75bn has already been paid out, while another $1.2bn installment has met preliminary approval.

Read more on:    egypt  |  north africa

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