RTTNews - Egypt's urban consumer price inflation slowed to 10.2% in May from 11.7% in April, a report by the country's Central Agency for Public Mobilization and Statistics said Wednesday. The nationwide inflation stood at 9.8% in May.
Falling inflation rates gives room for the Central Bank to cuts interest rates further. In its latest meeting in May, the central bank cut the overnight deposit rate by 50 basis points to 9.5%. Moreover, it slashed the overnight lending rate by 100 basis points to 11%.
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