The annual core inflation rate continued to slow for the second consecutive month since the historic peak recorded in February, which was 40.26%.
On a monthly basis, the core inflation rate slowed on a monthly basis to 1.7% in April, from 2.4% in the same month a year earlier and 2.5% in March.
And data from the Central Agency for Public Mobilization and Statistics in Egypt showed on Wednesday that annual consumer price inflation in Egyptian cities slowed in April to 30.6 percent on an annual basis, against 32.7% in March.
A Reuters poll released on Monday predicted that the rate of inflation in Egyptian cities would decline in April from the highest level in five and a half years in the previous month, supported by currency stability and falling prices. raw material.
The median forecast from 13 analysts polled by Reuters found that annual urban consumer price inflation would fall to 31% in April from 32.7% in March.
The annual rise in inflation was driven by a 54.7% year-on-year rise in food and drink prices in April.
On a monthly basis, urban inflation slowed to 1.7% from 2.7% in March and 6.5% in February.
Due to funding risks, Standard & Poor’s revised Egypt’s outlook from stable to negative, while Fitch downgraded Egypt’s credit rating from B+ to B with a negative outlook.
Moody’s also placed Egypt’s foreign and local currency issuance rating at B3 on review for downgrade, attributing this to slower-than-expected progress in selling assets held by Egypt. Egyptian state.
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