Egypt’s annual urban consumer price inflation slumped to 6.8 percent in January from 12.2 percent in the same month in 2019, the official statistics agency said Monday.

This is the lowest annual rate in five years after the annual inflation reached 7.9 percent in August 2015, according to a statement by the Central Agency for Public Mobilization and Statistics.

The statement attributed the slump to the decreasing prices of wheat and bread by 8.1 percent and the rice by 20.9 percent, despite the 5.3 percent hike in the price of poultry and meat.

Egypt has received a 12-billion-U.S.-dollar loan from the International Monetary Fund in exchange for required reforms including local currency devaluation, fuel and energy subsidy cuts and introduction of value-added tax. Enditem


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