Egypt's Inflation Rate Continues Decline

Egypt's Inflation Rate Continues Decline

Thursday, 8 February, 2018 - 13:30
A mirror reflection shows an employee working in a foreign exchange office in central Cairo April 16, 2015. E REUTERS/Asmaa Waguih
Asharq Al-Awsat
Egypt’s inflation rate has dropped to around 17 percent in January, down from 21.9 percent in December, the Central Agency for Mobilization and Statistics announced on Thursday.

Inflation jumped after Egypt devalued its currency in November 2016. Its rate peaked over last summer, hovering around 30 percent, after the government cut fuel and electricity subsidies.

The measures are part of broader economic reforms taken to meet demands by the International Monetary Fund for a $12 billion bailout loan.

Egypt is targeting an inflation rate of around 13 percent in 2018.

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