Egypt says inflation drops for first time in 7 months

CAIRO — Egypt’s central bank says that inflation fell to 29.7 percent in May, down from 31.5 percent in April, the first decline in seven months when the Egyptian pound was devalued. The figures, published by the CBE Thursday, also show that year-on-year core inflation declined to 30.5 percent in May, down from 32.1 percent