The Clap:
Egypt’s inflation decelerated for the fourth consecutive month in June, with urban inflation increasing at the lowest growth clip since early on 2023, recording a 27.5% YoY growth, down from 28.1% in May. This comes despite the government’s 4x hike in the price of subsidized bread last month.
Figures:
Prices increased by 1.6% on a monthly basis. The cost of food and drinks, the main part of the inflation index, rose by 31.9% annually, compared to 31% in May.
Analyst’s take:
The fact that inflation did not increase again demonstrated how the lower value of the currency on the recently controlled black market had already been impacting the prices set by retailers, Mohamed Abu Basha, head of research at EFG Hermes, told Bloomberg.
