The Central Bank of Egypt (CBE) expects inflation rates to reach their peak in the second half (2H) of 2023, provided that they decline again to the previously announced target, supported by the restrictive monetary policies. MPC added that while the expectations of inflation rates declined in some major economies, they generally continued to go beyond the target rates. The committee indicated that the annual rate of general urban inflation increased to 35.7% in June 2023 from 32.7% in May 2023. The annual rate of core inflation increased to 41.0% in June 2023 from a rate of 40.3% in May 2023. The committee stressed that the course of basic interest rates depends on expected inflation rates not prevailing inflation rates.

Source: The North Africa Journal August 07, 2023 07:18 UTC