Egypt's Inflation Drops to 25.5%, Lowest in Nearly Two Years
Egypt: Egypt's annual urban consumer price inflation eased to 25.5% in November, marking its lowest rate since December 2022, according to data from the statistics agency CAPMAS. Inflation had surged sharply in early 2022 due to the economic impact of the Russian invasion of Ukraine, which triggered a massive withdrawal of foreign investment from Egyptian treasury markets. In September 2023, inflation peaked at a record high of 38.0%, but by October 2024, it had decreased to 26.5%.
On a monthly basis, inflation increased by 0.5% in November, a decrease from the 1.1% rise in October. Food prices dropped by 2.8% compared to the previous month, after a 1.1% decrease in October, though food prices remained 23.3% higher than a year ago. Inflation continues to be driven by an expansion of Egypt's money supply, with the M2 money supply growing by 29.54% year-on-year in October, as reported by central bank data.
Source: Zawya