Egypt’s Inflation Rate Drops down to 11% in May
By Febronia Hanna
The inflation rate has dropped to 11.4 percent in May which is a 2 percent decrease since April, the fall is huge news as it is a bigger fall than what the International Monetary Fund had predicted, the IMF had predicted a decrease to 12 percent.
One analyst said that this might positively affect the rate cuts that will take place after the Monetary Policy Committee meeting, due on June 28, the percentage is a huge leap since the Egyptian pound was floated as the inflation rate was 33 percent.
Egyptians have been suffering from the rate cuts enforced since the 16 billion dollar loan in November 2016, and the decrease is a good indicator that Egypt is on the right track to more consumer-friendly prices.
