The logo of Dow Jones Industrial Average stock market index listed company Goldman Sachs (GS) - REUTERS
CAIRO - 20 May 2021: Goldman Sachs Group Inc (GS.N) said Egypt is one of the few countries that has succeeded in controlling inflation rates despite the continuing upward trend witnessed by headline inflation rates in most parts of the world since the beginning of the year, especially in central and eastern Europe, the Middle East, and Africa.
In its inflation monitoring report, a copy of which was obtained by MENA, Goldman Sachs noted that Egypt, Russia and Ukraine have been able to post a decline in inflation rates during April, pushed by low food prices.
Inflation rates dropped in Egypt to 4.1 percent from 4.4 percent, in Russia from 5.8 percent to 5.5 percent, and from 8.5 percent to 8.4 percent in Ukraine, it said.
Goldman Sachs expected the continuity of Egypt’s success in controlling inflation rates, which were estimated at 5.3 percent in the fourth quarter of last year, plummeting to 3.9 percent in the second quarter of the year, and then rising to 4.8 percent in the third quarter before going down again to 4.4 percent in the fourth quarter.