This marks the third consecutive month in which annual inflation displayed a contraction despite rising everyday costs
Egypt’s annual inflation rate dropped to 35.2% in December 2023, with inflation driven by food and beverage prices, explained the Central Agency for Public Mobilization and Statistics (CAPMAS) in its latest report.
This marks the third consecutive month in which annual inflation displayed a contraction despite rising everyday costs.
November’s annual inflation rate for the country hit 36.4% in November 2023, compared to 38.5% in October.
Annual urban consumer price inflation (CPI) slowed to 33.7% in December from November’s 34.6%, while prices climbed 1.4% month-on-month in December compared to a rise of 1.3% the month prior.
CAPMAS revealed that the final month of 2023 saw an annual increase of 60.5% in food and beverage prices, easing from the 63.9% jump in November, accelerated by a 73.7% rise in meat and poultry prices and an 83.3% increase in vegetable prices.
Monthly, food prices surged by 2.1% in December compared to a rise of 0.2% in November.
The restaurant and hotels sector reported a 42.5% increase year-on-year (YoY) in prices, followed by furniture and home appliances with a climb of 38.1% YoY and goods and services by 26.6%.
Prices across the board rose at the start of the year with increased metro ticket prices, landline internet packages, mobile tariffs, electricity, and building materials.
