For first time in two years.. Inflation rate declines

For the first time in two years, last month of May saw a a decline in inflation rates, Minister of Planning and Economic Development, Hala Elsaid said today, addressing the Cabinet’s Supreme Committee for Regulating Markets and Commodity Prices. This, she remarked, represents a true decline and reflects some stability in prices.

The government, Dr Elsaid explained, is currently working together with chambers of commerce and other relevant entities to reduce prices of commodities.

Today’s meeting of the Supreme Committee for Regulating Markets and Commodity Prices was chaired by Prime Minister Mostafa Madbouly, and was attended by Minister of Supply and Internal Trade, Ali al-Moseilhi; Minister of Planning and Economic Development Hala Elsaid; and Minister of Trade and Industry, Ahmed Samir. Also attending the meeting were Ahmed El Wakil, President of the General Federation of Chambers of Commerce; Mohamed Elsewedy, President of the Federation of Egyptian Industries; Mahmoud Momtaz, President of the Competition Protection and Prevention of Monopolistic Practices Agency; and Ibrahim al-Sagini, President of the Consumer Protection Agency.

Also represented in today’s meeting were the National Service Projects Agency; the Ministry of Justice; the General Authority for Investment and Free Zones; the Ministry of Interior; and the Federation of Chambers of Commerce.

Egypt’s annual headline inflation rate decelerated to a 15-month low of 28.10 per cent in May 2024, down from 32.54 per cent in April. This 4.44 percentage point decline was primarily driven by base effects and lower inflation in food: 31.00 per cent from 40.50 per cent in April; utilities: 9.90 per cent from 10.20 per cent in April; and transport: 18.10 per cent from 23.60 per cent in April.