Egypt’s inflation slows to 12.2% in March

11 Apr 2010

(MENAFN) The Cairo-based Central Agency for Public Mobilization and Statistics said that Egypt’s urban inflation, the main rate the central bank monitors, slowed to 12.2 percent last month from 12.8 percent in February, Bloomberg reported.

The cost of food and drinks, which make up more than 45 percent of the consumer price index, rose 1.4 percent in the month and 21.3 percent annually, the agency said.

Egypt expects economic growth of 5.2 percent in the fiscal year through June, compared with 4.7 percent in the previous fiscal year, Economic Development Minister Osman Mohamed Osman said last month.

Growth in the construction industry is expected to accelerate to 13.2 percent in the next fiscal year from 12.5 percent this one, while agriculture is forecast to expand 3.4 percent in both years, the Economic Development Ministry said.

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