Egypt's annual urban consumer price inflation increased to 3.7% in September from 3.4% in August, the country's statistics agency CAPMAS said on Saturday.
This came as food and beverage prices declined 2.6% annually in September and fell 0.2% month-on-month.
The central bank unexpectedly cut its benchmark interest rate by 50 basis points last month, saying the move provided “appropriate support” for economic activity and was consistent with achieving price stability over the medium term, according to Bloomberg.
Inflation remains well below the central bank’s target of 9% -- plus or minus 3 percentage points -- by the end of 2020.
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