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Sunday, 11 March 2018

Inflation eases to 14.4% in February

Annual urban inflation fell to 14.4% in February from 17.1% in January, according to a CAPMAS release. Core inflation dropped to 11.88% from 14.35% a month earlier. The drop in inflation rates paves the way for a potential interest rate cut later this month, Reuters suggests. “The Central Bank of Egypt is ahead of target on the year-end inflation rate. The drop supports another one percent cut in (interest rates at) the next monetary policy meeting,” Pharos Securities head of research Radwa El Swaify says. The central bank will next meet to review interest rates on 29 March.

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