Egypt's CBE Announces Decline in Inflation to 29% in January

In a significant economic update, the Central Bank revealed a downturn in inflation rates for January 2024, marking a pivotal moment in the nation's financial landscape. The core consumer price index (CPI), meticulously calculated by the Central Bank, exhibited a monthly rate of 2.2% in January 2024, a noticeable decrease from the 6.3% recorded in the same month of the previous year and a slight uptick from December 2023's 1.3%. Furthermore, the annual core inflation rate was reported at 29.0% in January 2024, down from 34.2% in December 2023.

This announcement arrives in the wake of the Central Agency for Public Mobilization and Statistics' (CAPMAS) recent findings, which were made public on February 8, 2024. According to CAPMAS, the general CPI for urban areas showed a monthly increase of 1.6% in January 2024, compared to 4.7% in the same month last year and 1.4% in December 2023. The annual general inflation rate also saw a decrease, settling at 29.8% in January 2024, down from 33.7% in December 2023.