Egypt's year-on-year inflation has fallen below 30% for the first time since January, according to official figures released Monday, as the North African country recovers from its worst economic crisis in over 50 years.
The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s inflation rate maintained its downturn for the fourth consecutive month, dropping to 28.15% in May from 32.54% in April.
May’s inflation rate was the first below 30% since January. May 2023's rate was 32.75%.
CAPMAS said the decline in May 2024 was due to lowering bread and cereal prices by 2.5%, poultry and meat by 4.6%, oils and fats by 3% and other food by 1.7%. Overall, food and beverage prices dropped by 3.1% compared to April.
