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Egypt’s annual urban consumer price inflation (CPI) fell to 29.8% in January, dropping from 33.7% in December. This was revealed by the Central Agency for Public Mobilization and Statistics recently. As reported by www.trendsnafrica.com December 2024 clocked at 33.7%.
Egypt’s annual urban consumer price inflation (CPI) fell to 29.8% in January, dropping from 33.7% in December. This was revealed by the Central Agency for Public Mobilization and Statistics recently. This marks the 4th consecutive month in which inflation continues to slow after reaching a peak in May 2023.
Monthly urban inflation was 1.6% compared to 1.4% in December. The statistics agency pointed to a sharp decline in the costs of food and beverages, the largest single component of the inflation basket, which slid by 47.9%. The annual urban inflation rate’s decline was partly due to its favourable comparison with the much higher consumer-price index a year before.
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Egypt’s headline inflation fell to 31.2% in January from 35.2% in the previous month, after reaching a historic high of 38% in September.
Inflation may also pick up in February as Ramadan season rolls in, which usually comes with increased consumer demand, particularly on food and beverages, as Egyptians stockpile goods ahead of the holy month.
