Egypt’s inflation slows to 11.4% in April

10 May 2010

(MENAFN) The Egyptian Central Agency for Public Mobilization and Statistics said that the country’s urban inflation eased to 11.4 percent in April, down from 12.2 percent in March, Bloomberg reported.

The central bank kept its benchmark interest rates unchanged on May 6 for the fifth straight meeting, citing subdued inflationary pressures. The bank meets again on June 17.

In its May 6 statement, the central bank said the current level of interest rates was appropriate to support economic growth, while maintaining price stability in the medium term.

Driven mainly by tourism and construction, Egypt?s economy expanded at a 5 percent annual rate in the last quarter of 2009. The government expects a growth rate of more than 5 percent in the fiscal year that ends in June, compared with 4.7 percent the previous year.

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