Egypt inflation drops to 14.39% in Jan- gov't agency

MENA country sees lowest inflation in at least 10 months as food prices continue to ease.
Egypt inflation drops to 14.39% in Jan- gov't agency
By Mohamed Samir
Tue 10 Feb 2009 11:29 AM

Inflation in Egypt fell to its lowest in at least 10 months in January as food prices continued to ease, data on the government statistics agency website showed on Tuesday.Inflation in the year to January fell to 14.39 percent, CAPMAS said on its website, without specifying whether the figure was for urban inflation or countrywide inflation.

Food prices declined for the fourth straight month, easing 0.5 percent from December's level.

Egypt's Prime Minister had said on Monday inflation in the most populous Arab country had fallen to 14 percent from around 18 percent in December.

Urban inflation dropped to 18.3 percent in the year to December, an eight-month low, as food prices fell, while inflation in the country as a whole fell to 18.7 percent.

Finance Minister Youssef Boutros-Ghali said on Sunday that forecasters at his ministry predicted inflation would fall into single digits "in a matter of a couple of months". (Reuters)

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