Egypt inflation drops to 31.5%, but food prices still rising

Egypt inflation drops to 31.5%, but food prices still rising

Annual inflation fell slightly in April compared to the previous month as the Central Bank readies its next decision on interest rates.













Two pairs of US hundred-dollar bills and Egyptian hundred-pound notes are held before a window showing the skyline of Egypt's capital, Cairo, and the Nile River on Jan. 16, 2023. - KHALED DESOUKI/AFP via Getty Images























May 10, 2023









Inflation in Egypt decreased in April for the first time in 10 months, the Egyptian government said on Wednesday. Prices are still high, and the news could have an effect on the central bank’s upcoming decision on interest rates.

The Central Agency for Public Mobilization and Statistics said that annual headline inflation was 31.5% in April, down from 33.9% in March. This was the first decrease in annual headline inflation from one month to another in 10 months. On the other hand, the 31.5% figure is significantly higher than the 14.9% annual headline inflation in April of 2022, according to Egypt’s state-owned news outlet Al-Ahram.

Why it matters: Inflation in Egypt has been surging for more than