UPDATE 1-Egypt annual headline inflation slows to 9.4% in June - stats agency
- Country:
- Egypt Arab Rep
Egypt's annual urban consumer price inflation eased to 9.4% in June from 14.1% in May, official statistics agency CAPMAS said on Wednesday, a sharper decline than many analysts had expected after last week's fuel price hikes.
"That's a bigger than expected drop," said Allen Sandeep, head of research at Naeem Brokerage. "Good news for the markets, as this could raise hopes for a rate cut tomorrow." The Central Bank of Egypt's monetary policy committee will meet on Thursday to decide whether to move its key interest rates. It held them steady at its last two meetings, in May and March, after a surprise cut in February.
Of 15 contributors to a Reuters poll, Naeem was the only one to predict a cut on Thursday. Egypt raised fuel prices last week by between 16% and 30% as part of an IMF-backed economic reform programme that saw inflation rise to a high of 33% in 2017.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- CAPMAS
- Egypt
- monetary policy committee
- analysts
- Naeem
- IMF
- contributors
ALSO READ
WFP and EU launch new partnership to empower refugees in Egypt and host communities
Egypt approves establishing special free zone Ras al-Hikma
Egyptian delegation in Israel for talks on Gaza hostages
Egyptian delegation in Israel for talks on Gaza hostages
IMF says Egypt to address central bank overdrafts, off-budget activity