Egypt sees annual inflation fall to two-year low

2025-01-09 07:28:09

(MENAFN) Egypt's annual inflation rate has reached its lowest point in two years, according to official data released on Thursday.

The state statistics agency, CAPMAS, reported that December’s inflation rate dropped to 23.4 percent, down from 25 percent in November.

CAPMAS attributed the decrease to “the decline in some food and beverage prices.”

In urban areas, annual consumer prices rose 24.1 percent in December compared to 25.5 percent the previous month, marking a second consecutive month of easing inflation.

The agency also noted that annual inflation fell to 28.3 percent in 2024, compared to 33.9 percent in 2023. However, this remains significantly higher than 2022’s rate of 13.9 percent.

The inflation slowdown in 2024 occurred despite the Egyptian pound’s devaluation in March, which saw the currency plummet to 50 pounds per US dollar.

Meanwhile, Egypt has implemented increases in the cost of fuel, electricity, subsidized bread, medicine, and transportation, as the country continues to grapple with economic challenges.

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