Egypt’s inflation rate slows down in November reaching 36.4%: CAPMAS

CAIRO - 10 December 2023: Egypt's annual inflation rate dropped to 36.4 percent in November, compared to 38.5 percent in October, according to the latest data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). The decline in inflation was driven by decreases in prices across various sectors, contributing to improved economic conditions for consumers.

The general consumer price index for the entire republic reached 191.8 points in November 2023, indicating a positive trend in the overall price levels.

Notably, the prices of meat and pourtly decreased by 1.5percent, while the fruit and vegetable groups experienced declines of 3.5 percent and 4.7 percent respectively. Additionally, transportation services saw a decrease of 2.3 percent, and hotel services experienced a minor decline of 0.3 percent.

The urban consumer price inflation, which focuses on the country's urban areas, also witnessed a drop to 34.6 percent in November, down from 35.8 percent in October. This decrease was primarily driven by a slowdown in the rate of food price increases, as reported by CAPMAS.

Furthermore, the monthly inflation rate for the total republic stood at 0.9 percent in November 2023, showcasing a positive trend in comparison to the 1.2 percent recorded in September 2023.

Among the sectors contributing to the overall inflation rate, food and beverage prices registered a year-on-year increase of 63.9 percent. On a monthly basis, food prices saw a slight increase of 0.1 percent.

In a bid to address the inflationary pressures and promote price stability, the Egyptian government launched a price reduction initiative in October. The initiative aims to alleviate the burden on citizens by curbing inflation and ensuring affordable access to essential goods.