News

Egypt’s Inflation Rate Drops to Lowest This Year

Egypt’s Inflation Rate Drops to Lowest This Year

Several Egyptian pound notes are pictured in New York Thursday, April 28, 2005. Photographer: Daniel Acker/Bloomberg News.

Egypt’s annual inflation rate fell to 25.54 percent year-on-year in November, the lowest rate after the country floated its currency in November 2016 as a part of its economic reform program.

The Central Bank of Egypt announced in a statement that inflation dropped from 30.53 percent in October, whilst it reached its highest rate in July. However, it has eased since then, Reuters reports.

In exchange for a $US 12 billion loan from the International Monetary Fund (IMF) to restore its embattled economy, Egypt floated its currency and cut subsidies on energy and electricity, which increased financial burdens on ordinary Egyptians.

Despite the high rates of inflation, an official from the IMF stated early in November that the economic reforms undertaken by the Egyptian government are showing good results.

In March, the inflation rate hit its highest level in 30 years, reaching 30.9 percent.

Minister of Finance Amr Al-Garhy expected earlier this month that the inflation rate would decrease by November and December 2017.

Despite launching its IMF-sponsored economic reform program, financial burdens for most Egyptians increased and poverty spread.

 

Mohamed Salah Wins BBC African Footballer Of the Year 2017
Al-Sisi, Putin to Sign Contracts for Dabaa Nuclear Power Plant in a Bilateral Summit in Egypt

Subscribe to our newsletter


News

More in News

Egypt Sets Sights on Hosting 2036 Olympics

Shereif Barakat25 September 2022

Egypt’s Coptic Orphans Director Amplifies the Voice of Copts at UNGA

Egyptian Streets24 September 2022

Egypt to Open Archaeological Sites for Free on World Tourism Day

Mona Abdou23 September 2022

Legendary Actor Hesham Selim Passes Away Aged 64

Egyptian Streets22 September 2022

Al-Azhar Grand Imam Appoints Female Advisor for the First Time in Egypt’s History

Farah Rafik21 September 2022

Egyptian Customs Authorities Set Gift Limit at EGP 10K per Passenger

Mona Abdou21 September 2022

US Deducts $130 Million From Egypt’s Military Aid Over Human Rights

Shereif Barakat17 September 2022

Egypt Signs Agreements with Qatar to Boost Investment Amid Financial Constraints

Egyptian Streets15 September 2022