Egyptian inflation edged down in March, but it has still risen sharply since the end of last year and we think it will reach double digits over the coming months. The irony is that the recent spike in inflation has been caused in part by the imposition of FX restrictions, themselves a product of continued delays to an IMF deal. And it now seems higher inflation itself is leading to further delays to any agreement, pushing the country closer to a full-blown crisis.
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