Madbouly: Egypt's Inflation Continues to Decline for Fourth Month in Row

PM Mostafa Madbouly said that the inflation rate in Egypt continued to decline for the fourth month in a row.

The prime minister added: “We are working to implement President Abdel Fattah El Sisi’s directives to control prices and reduce the inflation rate.”

The annual urban inflation rate in Egypt slowed to 27.5% in June from 28.1% in the previous month, remaining significantly above the upper limit of the central bank’s range of 5-9%. Still, it was the lowest reading since January 2023.

During a press conference Wednesday, Madbouly indicated directives to the Minister of Housing to continue increasing the number of housing units as part of the Housing for All Egyptians initiative.

On a monthly basis, CPI rose 1.6% in June, rebounding from a 0.7% drop in the previous month.

External Debt & Growth

Madbouly noted the reduction in the rate of external debt from $168 billion to $160 billion, stressing the goal of the growth rate reaching 6%. "We are working to accelerate the implementation of the state ownership policy document, and the government is working to overcome obstacles to foreign investment" he pointed out.

In another context, the Prime Minister confirmed that Egypt is working to cooperate with the Nile Basin countries to achieve benefits for all peoples.