Inflation data released by CAPMAS showed that annual urban inflation picked up from 13.0% in April to 14.1% in May. Meanwhile, monthly urban inflation accelerated from 0.5% in April to 1.1% in May. Total republic’s inflation showed the same pattern, with annual inflation up from 12.5% in April to 13.2% in May and monthly inflation up from 0.4% to 1% in May. We reiterate our view of unchanged interest rates during the summer, until further notice.
For more details, please read the full report below.