Egypt's Economy Rebounds as Inflation Drops, Inflows Rise
- Prices grow at slowest pace since Dec. after nearing 35%
- Central bank likely to begin cutting rates next year
This article is for subscribers only.
Egypt’s headline inflation rate rose at its slowest pace in nearly a year in November while the current account deficit fell by more than 65 percent in the first quarter of the fiscal year, offering the latest evidence that the economy is rebounding 12 months after the currency flotation.
Urban consumer prices rose 26 percent in November compared to 30.8 percent a year earlier, according to the official statistics agency. The month-on-month inflation rate eased to 1 percent compared to 1.1 percent in October. Food and beverage prices, the single largest component of the basket, rose by 32.3 percent.