Will Inflation Decline in Egypt during 2024?

The annual core inflation rate in Egypt slowed last November to 35.9%, compared to 38.1% in October 2023, according to a statement issued by the Central Bank of Egypt (CBE).

The core consumer price index (CPI), prepared by the Central Bank, recorded a monthly rate of 1.0% in November 2023, compared to a monthly rate of 2.7%, year-on-year, and a monthly rate of 1.8% in October 2023.

Inflation had slowed to 38.1% in October from 39.7% in September, which is due to expectations of a continued slowdown in inflation in Egypt and reaching it in Q1 of 2024.

Slowing inflation rates

Core inflation determines the rate of change in prices, excluding the prices of highly volatile commodities, such as food and fuel prices, as they are most affected by fluctuations in market movement. 

The general inflation rate for the country also declined on an annual basis, to 36.4% last November, compared to 38.5% in October. The decline was supported by a decline in food inflation to 63.9% compared to 71.7% in October, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The monthly inflation rate also slowed last November to record 0.9%, compared to 1.2 for October 2023, despite the increase in fuel prices.