CBE: Egypt's Annual Core Inflation Rate Records 34.2%

The Central Bank of Egypt (CBE) revealed that the annual core inflation rate recorded 34.2% in December 2023, compared to 35.9% in November.

The core CPI, prepared by the Central Bank, recorded a monthly rate of 1.3% in December 2023, compared to a monthly rate of 2.6%, year-on-year and a monthly rate of 1.0% in November 2023.

It said in a statement: “The general urban consumer price index (CPI), which was announced by the Central Agency for Public Mobilization and Statistics (CAPMAS) recorded a monthly rate of 1.4% in December 2023 compared to a rate of 2.1%, year-on-year and a monthly rate of 1.3% in November 2023."

It added that the annual rate of general inflation recorded 33.7% in December 2023, compared to 34.6% in November.

The Core Inflation Rate in Egypt reached an all time high of 41% in June of 2023 and a record low of 0.70 percent in July of 2020.