Egypt’s inflation drops to 11.1 percent in December

CAIRO (AP) — Egypt says its annual inflation rate dropped to 11.1 percent in December from 15.6 percent the previous month.

The figures, announced Thursday by the state statistics bureau, were the second straight drop for inflation, keeping it within the central bank’s target range of 13 percent, plus or minus 3 percentage points.

The data showed the decrease was driven by a decline in food and beverages prices, the single largest component in the basket of goods and services used to gauge inflation.

Inflation peaked in 2017, hovering around 30 percent after the government cut fuel and electricity subsidies as part of broader reforms meant to overhaul the economy.