Shafaqna English- Egypt’s annual headline inflation rate decelerated to 23.4 % in December, down from 25 % recorded in November, according to the readings released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The reading is well below the targets the Central Bank of Egypt (CBE) set at seven percent (±2 percent) in the fourth quarter of 2024. Consequently, the CBE extended the life span of this target to be achieved in the fourth quarter of 2026. This comes after almost three years of the tightening cycle of the monetary policy adopted by CBE since March 2022 when the Russian-Ukrainian war sparked.
Since then, the CBE has hiked the key interest rates by 19 percent (1900 basis points), of which eight percent (800 bps) were applied in 2024.
Source: Ahram