Egypt Witnesses a Slight Dip in Inflation Rates

Egypt’s urban consumer price inflation saw a decrease in November, dropping to 34.6% from October’s 35.8%. This decline was primarily due to a slowdown in food price increases, according to data from the country’s statistics agency, Capmas. Analysts had predicted a slightly higher inflation rate of 34.8%, indicating that the actual figures were marginally better than expected.

This trend represents a notable change from the past two years, where annual inflation rates steadily increased, reaching a peak of 38% in September. Notably, month-on-month, prices in November rose by 1.3%, up from 1% in October, with food prices increasing by 0.2% but surging 64.5% year-on-year.

Core inflation in Egypt, which excludes volatile items like fuel and certain foods, also showed a decline. It fell to 35.9% in November from 38.1% in October, a decrease that was more significant than some analysts’ expectations of 37.2%​​.