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Egypt Consumer Prices (Jan. 2024)

Egypt’s headline inflation rate slowed for a fourth consecutive month, easing from 33.6% y/y in December to 29.9% y/y in January. We think inflation will continue to slow this year, but a looming sharp devaluation of the pound means that it will stay high for longer and well above the Central Bank of Egypt’s target range until mid-2025.The central bank will need to hike interest rates further to rebuild its inflation-fighting credentials.

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