Egypt's inflation dropped to its lowest in two years, potentially paving the way for the first interest-rate cut since 2020, Bloomberg reports.
Annual consumer prices in urban areas rose 24.1% in December, down from 25.5% in November, according to CAPMAS. This marks the second month of slowing inflation, with the monthly rate easing to 0.2%. Food and beverage prices, the largest inflation component, rose 20.3% annually but dropped 1.5% monthly.
Despite elevated inflation, signs indicate that the worst economic pressures may have passed. Egypt, grappling with a two-year crisis, secured a $57 billion global bailout and reached a deal with the IMF to cut state spending. The IMF agreement may unlock more funds from Cairo's $8 billion loan.
The central bank expects inflation to slow further in 2025 due to tight monetary policies. While an interest-rate cut is anticipated, it may not occur until late Q1 2025. The next policy meeting is scheduled for Feb. 20.
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