Egypt’s annual urban consumer ​inflation rate slowed unexpectedly to 14.9% in April ‌from 15.2% in March, figures from, Central Agency for Public Mobilization and Statistics showed on Wednesday.

Month-on-month, prices rose by 1.1% in April, it ​said. Food and beverage prices fell ​by 0.7% on a monthly basis ⁠but rose 6.7% year on year.

A ​Reuters poll of 14 analysts had ​forecast inflation would climb to 15.9% in April, with the analysts saying the war with ​Iran had triggered an increase in electricity ​prices at the start of the month, a ‌weakening ⁠of the currency and an increase in commodity prices, especially poultry.

Annual inflation has plunged from a record high of ​38% in ​September 2023, ⁠helped by an $8-billion financial support package signed with the International ​Monetary Fund in March 2024.

May ​inflation ⁠figures may be boosted by an increase in natural gas prices for several energy-intensive ⁠industries ​announced on May 3.

–Reuters–