Egypt's Annual Urban Inflation Continues to Slow to 34.6%

The annual urban inflation rate in Egypt dropped for the second month to a six-month low of 34.60% in November from 35.8%, a month earlier, after hitting a record high in September at 38%

Inflation in Egyptian cities continued to slow during the month of November, as consumer prices recorded 34.6% on an annual basis, after reaching 35.8% last October with continued inflationary pressures from food and beverage prices, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

According to statistics, price growth in cities fell on a monthly basis to 0.9% in November, compared to 1% last October. As for all of Egypt, which includes cities and rural areas, consumer prices reached 36.4% in November compared to 38.5% in October.

The rising cost of living in Egypt is the most pressing issue for Egyptians, after the devaluation of the currency more than three times since 2016.

The inflation rate in Egypt had risen to record levels during the summer after three currency devaluations since March 2022, which led to the value of the pound falling by half.

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