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Egypt Consumer Prices (Jun. 2023)

Egypt’s inflation rate rose from 32.7% y/y in May to a record high of 35.7% y/y in June, putting it even further above the Central Bank of Egypt’s (CBE’s) inflation target range. This adds to our view that policymakers will need to resume the monetary tightening cycle, with a growing chance now that the CBE hikes interest rates at its next meeting in August.

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