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Egypt Consumer Prices (Aug.)

The decline in Egyptian inflation in August to a six-year low of 7.5% y/y makes it is almost certain that the central bank will follow up last month’s 150bp interest rate cut with further easing. We have pencilled in a 50bp cut in the overnight deposit rate at this month’s meeting and we forecast that rates will be lowered by more than the consensus currently anticipates over the next 12 months.

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