In April, headline inflation in Egypt decreased to 32.5%

According to figures released on Thursday by Egypt’s statistics agency CAPMAS, the country’s annual urban consumer price inflation rate slowed somewhat more than analysts had predicted, falling to 32.5% in April from 33.3% in March.

Prices increased by 1.1% in April compared to a 1.0% increase in March. Although food prices decreased by 0.9% in April, they were still 40.5% higher than a year earlier.

According to a survey of 17 analysts, yearly inflation will decrease to a median of 32.8%, maintaining the downward trend that began in September when inflation peaked at 38.0%.

The central bank signed a $8 billion financial support package with the International Monetary Fund on March 6, the same day it tightened its monetary policy and allowed the currency to plunge.

In the March accord, Egypt assured the IMF that it would continue tightening if needed to stop the further decline in household spending power.

As part of a promise to the IMF, the government also raised the price of various fuels, including diesel and gasoline, last month.