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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.

 

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