Egypt Consumer Prices (Jun.)

Egypt’s headline inflation rate slowed for the first time since November to 13.2% y/y in June, but inflation will remain above the upper bound of the Central Bank of Egypt’s target range until late-2023. The shift to a more flexible exchange rate has taken some of the pressure off policymakers to hike interest rates aggressively, but we still think rates will rise a further 150bp by the end of this year. EM Drop-In (Thurs, 7^th July): Join our economists for their regular monthly briefing on the hot stories in EMs – and those that aren’t getting the attention they deserve. In this 20-minute session, topics will include the outlook for EM FX markets after the recent sell-offs. Register now.