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.