Cairo – Mubasher: The Egyptian government aims to reduce inflation rate below 10% in fiscal year 2019/2020, the Egyptian finance minister, Mohamed Maait, said during a press conference on Tuesday.

The North African nation’s government also plans to cut inflation rate to 6-7% during fiscal year 2020/2021, the Middle East News Agency (MENA) reported, citing the finance minister as saying.

Egypt's annual urban inflation dropped to 13.8% in March, compared to 13.1% in the same month a year earlier, according to data released by the Central Agency for Public Mobilization and Statistics.

In addition, the state's annual core inflation slashed to 8.9% in March from 9.2% in February, data by the Central Bank of Egypt (CBE) showed.