Inflation continues downward trajectory, Egypt on course to meet goals – PM

Egypt’s inflation rate continued its downward trend for the fifth consecutive month, reaching 25.7 per cent in July from 27.5 per cent in June, said Prime Minister Moustafa Madbouly on Wednesday.

“This shall be good news, serving as evidence that the state is on track towards its objectives to reduce inflation to its lowest levels,” Prime Minister Madbouly told a press conference.

By stabilising and then decreasing prices, the government reiterates its commitment to lowering inflation, he added.

This achievement holds significant benefits. Reduced inflation, the prime minister explained, encourages private sector investment by lowering borrowing costs. Additionally, it alleviates the government’s debt burden, freeing up funds for essential public development projects.

Moreover, Prime Minister Madbouly said the government anticipates that these positive economic conditions would contribute to improved living standards for Egyptians.

Attribution: The Egyptian Cabinet