Cairo - SABA
Data released Wednesday by Egypt's Central Agency for Public Mobilization and Statistics showed annual urban consumer price inflation surged to 16.8% in May - exceeding expectations and marking an increase from April's 13.9% rate.
The figure surpassed the 14.9% median forecast from 12 analysts surveyed by Reuters, primarily due to unfavorable base effects.
While inflation remains elevated, it has declined significantly from September 2023's record 38% peak, aided by an $8 billion IMF support package agreed in March 2024.
*(Translation approach:
1. Maintains economic terminology
2. Preserves key statistical comparisons
3. Explains technical concepts ("base effects")
4. Provides contextual financial background
5. Keeps SABA attribution style)*
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