Egypt seeks 5.6% inflation rate in FY2020/21, 6% in FY2021/22

Egypt is seeking to achieve a 5.6 percent inflation rate in the current FY2020/2021, which ends in June, and 6 percent in FY2021/22, which starts in July, Minister of Planning and Economic Development Hala El-Saeed announced.

El-Saeed made her statements while reviewing the key targets of the FY2021/22 budget before the meeting of the Planning and Budgeting Committee of Parliament was held on Monday.

El-Saeed expounded that the expected increase in inflation rate in FY2021/22 comes as a result of the increase in investments and economic activities, adding that it remains in the stable limits of consumer prices

She also added that unemployment rate is expected to average 7.5 percent by the end of FY2020/21, which is targeted to decline gradually to reach 7.3 percent in FY2021/22, with an aim of decreasing the poverty rate to 28.5 percent.