Egypt ends 2023 with annual inflation rate down to 35.2%: CAPMAS

Cairo – January 10, 2024: Annual inflation in Egypt reported its third consecutive deacceleration in December 2023, closing the year with an annual inflation rate of 35.2 percent, revealed the latest data from the Central Agency for Public Mobilization and Statistics (CAPMAS).

For November, CAPMAS reported Egypt’s annual inflation rate at 36.4 percent compared to 38.5 percent in October.

Egypt’s urban consumer price inflation (CPI) dropped to 33.7 percent in December from November’s 34.6 percent, while prices climbed 1.4 percent month-on-month in December compared to a rise of 1.3 percent the month prior.

Rising December prices were driven by an annual increase of 60.5 percent in food and beverage prices, easing from the 63.9 percent jump in November, accelerated by a 73.7 percent rise in meat and poultry prices and an 83.3 percent increase in vegetable prices.

CAPMAS revealed that food prices were up by 2.1 percent monthly in December compared to a rise of 0.2 percent in November.

The statistics agency reported that restaurant and hotel prices rose by 42.5 percent year-on-year (YoY), furniture and home appliances prices were up 38.1 percent YoY, while goods and services were up by 26.6 percent.

At the start of 2024, several price hikes were implemented such as an increase in prices of landline internet packages, mobile tariffs, electricity, metro tickets, and building materials.