Egypt inflation falls to 36.4% on price declines

Reuters/Mohamed Abd El Ghany

Egypt’s annual inflation declined to 36.4 percent in November 2023, compared to 38.5 percent in October, the country’s statistical agency said.

The fall in inflation was driven by decreases in prices across various sectors, Egypt Today newspaper reported, citing the Central Agency for Public Mobilisation and Statistics (Capmas).

Meat and poultry prices fell by 1.5 percent, while the fruit and vegetable groups reported declines of 3.5 percent and 4.7 percent, respectively.

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Transportation services decreased by 2.3 percent, and hotel services fell marginally by 0.3 percent month on month.

Additionally, the urban consumer price inflation, which focuses on the country’s urban areas, dropped to 34.6 percent in November, down from 35.8 percent in October.

The Egyptian government in October launched a price reduction initiative to address the inflationary pressures and promote price stability.

The initiative seeks to ease the burden on citizens by curbing inflation and ensuring access to affordable essential goods.