Egypt inflation down for first time since currency float

CAIRO — Egypt’s annual inflation rate edged down to 29.7 percent from 31.5 percent in April, marking the first fall since the government floated the local currency in November 2016, according to Central Agency for Public Mobilisation and Statistics, CAPMAS, the official statistical agency of Egypt.

Egypt abandoned its longstanding struggle to hold the value of its currency against the dollar in November last year, adopting a flexible exchange rate after devaluing Egyptian pound 13 percent against the dollar.

The significant development comes on the heels of the economic reforms efforts launched by the government, offering some indications that the price hikes caused by the currency float might be plateauing.

Source: Emirates News Agency