RIYADH: Egypt’s annual urban consumer price inflation witnessed a slight decrease to 36.4 percent in November, down from 38.5 percent in October.
According to the latest data from the nation’s Central Agency for Public Mobilization and Statistics, the drop in Egypt’s annual urban consumer price inflation for November can be primarily ascribed to a slowdown in the escalation of food prices.
Key contributors to this decline include a notable reduction in meat and poultry prices by 1.5 percent, fruits by 3.5 percent, and vegetables by 4.7 percent.
Additionally, the transportation services group experienced a 2.3 percent decrease, while hotel services saw a modest drop of 0.3 percent.
Collectively, these factors played a significant role in tempering the overall inflation rate.
On a month-to-month basis, food prices dropped to a 0.9 percent increase in November, compared to a 1 percent increase in October.
Notably, while food prices saw a modest increase of 0.2 percent month on month, they experienced a significant year-on-year surge of 64.5 percent.
This easing of inflation comes after a continuous upward trend spanning two years, with September recording a peak inflation rate of 40.3 percent.
November’s figures mark the lowest inflation rate since May, indicating a possible stabilization in Egypt’s urban consumer prices.
In the food and beverage sector, a modest increase of 0.1 percent was observed in November compared to October, stemming from various price adjustments across different groups.
The grains and bread category saw a significant increase of 5.2 percent, while fish and seafood prices edged up by 0.1 percent.
Dairy products, along with eggs, witnessed a 2.7 percent rise. The oils and fats group experienced a 1.0 percent hike in prices.
Notably, sugar and sweet foods saw a substantial increase of 5.9 percent.
Additionally, there was a 2.8 percent increase in coffee, tea, and cocoa prices, reflecting the varied dynamics impacting the sector.
The furniture, fixtures, household equipment and maintenance sectors recorded an increase of 1.3 percent due to the change in the prices of the home furnishings group by 2.2 percent, home appliances by 2.0 percent, and tools, glassware, tableware, and household utensils by 1.1 percent.