Egypt’s inflation rate fell to 11.4 per cent in April, down from 12.2 per cent in March, its third decline this year and its lowest rate since September.

The urban consumer price index for April stood at 146.4 versus 131.5 a year ago, according to the government statistics agency, the Egyptian Central Agency for Public Mobilisation and Statistics.

Inflation mainly eased due to a decline in the price of food and beverages, which account for more than 40 per cent of the weighting of the basket that Egypt uses to measure inflation.

The Central Bank of Egypt (CBE) kept its benchmark overnight interest rates unchanged for the fifth consecutive time at its last meeting on 6 May.

In a statement released later that day, the CBE said that the current level of interest rates was appropriate to support economic growth, while also maintaining price stability in the medium term. The bank’s next meeting is on 17 June.   

Egypt’s economy grew 4.5 per cent in 2009 and 5.1 per cent in the first quarter of 2010.