Consumer Price Inflation in Egypt Drops to Two-Year Low of 25.5%
Egypt’s annual urban inflation dipped to 25.5% in November, marking a significant decline from record highs earlier this year.
Egypt’s annual urban consumer price inflation fell to 25.5% in November 2024, its lowest level since December 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). This marks a recovery from the record-high 38.0% inflation rate reached in September 2023.
The drop exceeded expectations, with analysts forecasting a slight decline to 26.4%. Monthly inflation also slowed, rising by just 0.5% compared to 1.1% in October. Food prices played a significant role, falling by 2.8% month-on-month, though they remain 23.3% higher year-on-year.
The decline comes after inflation surged in early 2022, driven by the effects of the Russia-Ukraine war and shifts in global investment patterns. Despite progress, inflation remains under pressure from rapid money supply growth, which expanded by 29.54% year-on-year in October, according to data from the Central Bank.
