CBE holds rates a third time as monthly inflation turns negative

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) held its key policy rates for a third straight meeting on Thursday the CBE’s statement (pdf)

The number that made the call easy: 14.6% in May Reuters median forecast of 15.1%

Cheaper food did the work.

The base-effect warning.

The rate math still works.

Not everyone framed the risk as inflationary.