Egypt witnessed a decline in its annual urban consumer price inflation, marking 34.6% in November compared to October’s 35.8%, as per data released by the statistics agency CAPMAS on Sunday.
The decrease was primarily attributed to a slowdown in the pace of food price escalations.
The reported annual inflation rate was slightly below the median forecast of 34.8% by analysts in an 18-analyst poll.
On a month-on-month basis, prices exhibited a 1.3% rise in November, up from October’s 1.0%. Food prices demonstrated a 0.2% increase, showing a significant surge of 64.5% year-on-year.
Over the past two years, annual inflation had been steadily climbing, reaching a peak of 38.0% in September. The November data revealed the lowest figure since May, signifying a positive trend in inflation moderation.