Egypt’s headline inflation slowed to 4.7% in May

Egypt’s annual urban consumer price inflation slowed to 4.7% in May from 5.9% in April, the official statistics agency CAPMAS said on Wednesday.

CAPMAS data showed, that the May inflation rate dropped as food and beverage costs declined 0.3% year-on-year, reflecting a drop in demand during the Muslim holy month of Ramadan, when it normally surges.

Core inflation, which strips out volatile items such as food, fell to 1.5% year-on-year in May, from 2.5% in April, the central bank said on Wednesday.