Egypt’s annual inflation rate has declined to its lowest level in two years, according to the state statistics agency, CAPMAS.
The agency reported that the inflation rate reached 23.4% in December, a significant decrease from the 25% recorded in the previous month.
CAPMAS attributed this decline to a decrease in the prices of certain food and beverages.
The annual consumer price index in urban areas also showed a decline, reaching 24.1% in December compared to 25.5% in November.
Despite this positive trend, the inflation rate remains significantly higher than the 13.9% recorded in 2022.
This decline in inflation comes amidst a period of economic challenges for Egypt, including the devaluation of the Egyptian pound and recent increases in the prices of fuel, electricity, and essential goods.