Egypt's inflation drops to 11.1% in December

Egypt says its annual inflation rate dropped to 11.1% in December from 15.6% the previous month.

The figures, announced Thursday by the state statistics bureau, were the second straight drop for inflation, keeping it within the central bank's target range of 13%, plus or minus 3 percentage points.

The data showed the decrease was driven by a decline in food and beverages prices, the single largest component in the basket of goods and services used to gauge inflation.

Inflation peaked in 2017, hovering around 30% after the government cut fuel and electricity subsidies as part of broader reforms meant to overhaul the economy.