Egyptian Inflation Eases

Egyptian inflation eased for the third straight month in April, making it less likely that the central bank will soon raise interest rates.

Urban inflation, the main rate monitored by the central bank, slowed to 11.4 percent from 12.2 percent in March. Prices rose 0.9 percent in the month.

The central bank kept its benchmark interest rates unchanged on May 6 for the fifth straight meeting, citing “subdued” inflationary pressures. It cut rates six times in 2009 to help the economy through the global financial crisis, which reduced investment and damped revenue from tourism and fees from the Suez Canal. The bank meets again on June 17.