Egypt's annual inflation rate slowed to 14.9% in April

Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) released on Wednesday showed an unexpected slowdown in the annual consumer price inflation rate in Egyptian cities to 14.9% in April, compared to 15.2% in March.

The agency indicated that prices rose by 1.1% in April on a monthly basis. While food and beverage prices fell by 0.7% month-on-month, they rose by 6.7% year-on-year.

A Reuters poll, which included 14 analysts, expected inflation to rise to 15.9% in April, as analysts pointed out that the war with Iran led to an increase in electricity prices at the beginning of the month, a weak currency, and a rise in commodity prices, especially poultry.

Annual inflation has fallen sharply from a record high of 38% in September 2023, supported by an $8 billion fiscal support package signed with the International Monetary Fund in March 2024.

Inflation figures are expected to rise in May as a result of increases in natural gas prices for a number of energy-intensive industries, which were announced on May 3.