Egypt Inflation at Lowest in Over Year as Slowdown Quickens

Egyptian inflation decelerated to the slowest pace in a year and a half, even after a steep currency devaluation and a historic move to raise the cost of subsidized bread.

Consumer prices in urban parts of the North African country grew an annual 28.1% in May, compared with 32.5% the previous month, state statistics agency CAPMAS said Monday. That was lower than forecast by economists at Goldman Sachs Group Inc., EFG Hermes and Naeem Brokerage.