Egypt's inflation slows to 2-year low in December

CAIRO, Egypt

Egypt’s annual inflation rate has declined to its lowest level in two years, official figures showed on Thursday.

The state statistics agency CAMPAS said Thursday that the inflation rate reached 23.4% in December, down from 25% in the previous month.

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

The statistics agency said annual consumer prices in urban areas rose 24.1% in December versus 25.5% in November, marking the second consecutive month of slowing.

According to CAMPAS, the annual inflation dropped to 28.3% in 2024, down from 33.9% in 2023, but the figure is still far short of 2022, which registered an annual inflation rate of 13.9%.

The drop in the inflation rate in 2024 came despite the devaluation of the Egyptian pound in March, which caused the local currency to trade at 50 pounds for one US dollar.

Egypt has also hiked the prices of fuel, electricity, subsidized bread, medicine, and transportation in recent months amid economic woes.

*Writing by Ahmed Asmar