Egypt’s annual urban consumer inflation slowed slightly to 12.3% in November, driven by a month-on-month drop in food prices, according to the statistics agency CAPMAS.
This is lower than analyst expectations of 13.1%. In October, urban consumer inflation was 12.5%. Food and beverage prices rose 0.7% annually but fell 2.6% monthly.
The central bank’s monetary policy committee left its overnight lending rate unchanged on November 20, having cut rates in October and August as inflation slowed.
Egypt’s inflation rate has plunged from a record 38% in September 2023, helped by an $8 billion IMF financial support package.
