Egypt Inflation Slows to 5.1% on Drop in Food Costs

(Bloomberg) -- Inflation in urban parts of Egypt slowed for the second consecutive month as food prices fell, the state statistics agency said Thursday.

Consumer prices rose an annual 5.1% in March compared with 5.3% in February, CAPMAS said in a statement. Food prices fell 1.7% over the same period.

On a monthly basis, inflation accelerated to 0.6%, with food prices rising 0.7%.

The Arab world’s most populous nation has managed to tame inflation that at one point rocketed over 30% in the wake of a sweeping economic reform program begun in 2016.

Egypt enacted a curfew in the second half of March to stem the spread of the coronavirus, and next month’s figures may give a clearer picture of any economic impact of the outbreak.

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