Egypt’s inflation falls to near two-year low in November
The annual urban consumer price inflation rate in Egypt dropped by 25.5% in November, according to data from statistics agency CAPMAS shown on December 10th as reported by Reuters.
This was a lower rate than was expected and was the lowest since December 2022.
Inflation became climbing in Egypt following the Russian invasion of Ukraine in early 2022, which to foreign investors withdrawing billions of dollars from treasury markets in Egypt.
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Inflation rose to a record high 38% last September, although it had fallen to 26.5% this October.
15 analyst’s forecast in a poll had been for annual inflation to fall to 26.4% last month. Headline inflation rose by 0.5% in November, a fall from 1.1% in October, according to CAPMAS.
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The price of food dropped by 2.8% compared with 1.1% in October to stand at 23.3% higher than they were a year before.
An expansion of the money supply has been the main fuel for inflation. Egypt’s M2 money supply grew by 29.54% year-on-year in October, according to central bank data.
Reuters
