Data from the Central Bank of Egypt showed – today, Sunday – that the core inflation rate – which excludes fuel and some food items accepted in the country – declined to 35.9% on an annual basis last November, compared to 38.1% last October.
Data from the bank and the Central Agency for Public Mobilization and Statistics in Egypt also reported – today – a decline in annual consumer price inflation in cities to 34.6% last month, compared to 35.8% in the previous month.
This decline was supported by a slowdown in the increase in food price
On a monthly basis, prices increased by 1.3% last month compared to 2.3% during the previous month.
Food prices increased by 0.2%, but rose 64.5% year-on-year.
Annual inflation has been rising for two years, reaching a record level of 38% last September.
The rate – recorded last November – is the lowest since last May.
Egypt is facing an economic crisis amid high inflation and a severe shortage of foreign currency, in addition to high levels of borrowing over the past eight years.
Cairo imposed restrictions on imports in light of the shortage of foreign currencies, and reduced the value of the pound three times since early 2022, as this local currency lost nearly half of its value against the dollar.
