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Egypt Consumer Prices Rise at Slowest Pace in Over Two Years

  • Month-on-month rate eases to 0.2 percent on food cost decline
  • Central bank is slated to meet later in June to discuss rates
A cyclist balances a bread board on his head as he rides in Cairo, Egypt.

A cyclist balances a bread board on his head as he rides in Cairo, Egypt.

Photographer: Sima Diab/Bloomberg
Updated on

The annual inflation rate in urban parts of Egypt in May rose at its slowest pace in more than two years, giving the central bank some breathing room ahead of fuel subsidy cuts expected within weeks.

Consumer prices were 11.4 percent higher, according to the state-run statistics agency, CAPMAS. Prices rose 0.2 percent month-on-month, compared with 1.5 percent in April, as food and beverage costs, the largest single component in the price basket, fell 0.3 percent.