Egypt inflation seen slowing to 12.7% in August: Reuters poll
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FILE PHOTO: A general view of a farmland with houses on small island next to crowded residential buildings and bridges on the bank of River Nile, as continuous population growth and urban sprawl erode the banks of the River Nile, in Cairo, Egypt, May 22,
CAIRO (Reuters) -Egypt's annual headline inflation rate is forecast to have slowed in August to 12.7%, continuing a downward trend over the last two years as the government tightens its monetary policy, a Reuters poll found.
The median forecast of 13 analysts polled by Reuters was for annual urban consumer inflation to have eased to 12.7% from 13.9% in July. The polling data was collected over September 3-8.
Three analysts predicted core inflation would remain unchanged at a median 11.80%.
Annual inflation has plunged from a record high of 38% in September 2023, helped by an $8 billion financial support package signed with the IMF in March 2024.
Slowing inflation prompted the Central Bank of Egypt to cut its overnight lending rate by 200 basis points on August 28, the third reduction this year.
(Reporting by Patrick Werr; Editing by Kirsten Donovan)
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