Tuesday May 21st, 2024
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Egypt's Annual Inflation Eases to 38.5% in October

The decline can be attributed to increased purchases of Egyptian local brands and improvements in medical infrastructure.

Cairo Scene

Egypt's Annual Inflation Eases to 38.5% in October

According to the Central Agency of Public Mobilization and Statistics (CAMPAS), inflation in Egypt has dropped from 40.3% to 38.5% between September and October.

Since January 2023, Egypt has faced an economic devaluation of the pound, leading to a surge in foreign currency prices. In response, the Central Bank of Egypt has made efforts to combat inflation to minimize its impact on the population. The sectors most affected by inflation were grains, vegetables, and fruits. Various factors contributed to the issue, including the global disruption caused by the conflict in Ukraine, leading to a breakdown in international trade.

The recent decline in inflation can be attributed to increased purchases of Egyptian local brands and improvements in medical infrastructure. The medical industry witnessed a 19.9% growth, while the beverages and food sector experienced a 17.7% rise. Consequently, vegetable prices decreased to 2.5%, while fruit prices dropped to 2.9%. Additionally, the prices of bread and grains decreased by 0.6%.

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