Egypt managed to reduce its inflation rate for the fourth successive year, topping all other emerging markets in curbing inflation.
The country kept its inflation rate within the Central Bank of Egypt’s (CBE) target range amid rising global inflation rates thanks to its economic and monetary policies over the last years, according to a report by the cabinet’s media center on Monday.
The North African nation slashed its inflation rate by 19 percentage points over four years from fiscal year (FY) 2016/2017 to FY20/21 on the back of controlling prices of food products.
The headline inflation rate reached 4.5% in FY20/21, compared to 5.7% in FY19/20, 13.9% in FY18/19, 20.9% in FY17/18, and 23.5% in FY16/17.
Over the course of 2021, the inflation rate reached 4.3% in January, 4.5% in February and March, 4.1% in April, 4.8% in May, 4.9% in June, and 5.4% in July.
