Egypt’s annual inflation rate has slowed to its lowest level in two years, according to official data.
The state statistics agency CAPMAS reported that inflation in December stood at 23.4%, a slight decline from November’s 25%.
CAPMAS attributed this decrease to a drop in the prices of certain food and beverage items, easing some pressure on consumers.
Urban consumer prices rose 24.1% year-on-year in December, compared to 25.5% in November, marking two consecutive months of decline.
For 2024, annual inflation averaged 28.3%, a significant improvement from 33.9% in 2023 but still far above 2022’s 13.9%.
The Egyptian economy has faced persistent challenges, including a currency devaluation in March that pushed the pound to 50 per US dollar.
Additionally, recent hikes in fuel, electricity, bread, medicine, and transportation costs have added to the economic strain.
Despite these hurdles, the inflation slowdown offers a glimmer of hope for the country’s financial recovery efforts.
