Mon, 25 Jan 2021 - 01:13 GMT
FILE: Cabinet’s meeting on Monday April 8, 2019
CAIRO - 25 January 2021: The cabinet on Sunday published a report showing that the annual inflation rate in 2020 hit the lowest in 2020, despite the coronavirus crisis.
The report included infographics highlighting the economic reform program's success in slashing the annual inflation rate and keeping it within the target range of the Central Bank of Egypt (CBE).
According to the report, the government managed to cut the annual inflation rate to a record level after controlling food prices, with the average annual inflation recording 5% in 2020.
The report reviewed the evolution of the average annual inflation rate during the period from 2006 to 2020, indicating that it reached 9.2% in 2019, and 14.4% in 2018, then inflation increased significantly to register 29.5% in 2017 after the liberalization of the exchange rate.
The report attributed the drop in the average annual inflation rate to the lower prices of food commodities that saw a decline in seven months of 2020.
The report noted that the effective economic policies of the economic reform program contributed to achieving the CBE's targets of the inflation rate, registering 5.2% in the fourth quarter of 2020, 3.8% in the third quarter, 5.4% in the second quarter and 5.9% in the first quarter.