Egypt Today: Egypt's annual urban consumer price inflation rate eased to 25.5% in November 2024, down from 26.5% in October, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Tuesday.
The overall consumer price index (CPI) for November was recorded at 239.8 points, marking a slight monthly decline of 0.1% compared to October. CAPMAS attributed this marginal decrease primarily to substantial reductions in the prices of specific food items, which helped to counteract price hikes in other sectors.
The food and beverage sector, a key driver of inflation, experienced a monthly decline of 2.8%. Prices of vegetables fell sharply by 12.4%, while meat and poultry declined by 3.0%, fruits by 0.4%, and grains and bread by 0.3%. Despite these decreases, some food categories recorded increases, such as oils and fats, which rose by 2.0%, mineral water, soft drinks, and natural juices by 2.4%, and coffee, tea, and cocoa by 0.8%.
In contrast to the declining food prices, several other sectors saw notable price increases. The transportation sector recorded a 6.2% rise, driven by higher costs for private transport at 6.9% and public transport services at 6.7%. Cultural and recreational services experienced one of the largest increases, with prices surging by 13.3%.
Clothing and footwear prices rose by 1.7%, influenced by increases in ready-made garments and footwear at 1.6% and 2.1%, respectively. Housing and utilities costs increased by 1.6%, with electricity, gas, and other fuels rising by 3.1%. Healthcare services also saw a 0.5% increase, reflecting higher costs for outpatient services and hospital services, which rose by 1.2% and 1.3%, respectively.
On an annual basis, Egypt’s overall inflation rate for November 2024 was reported at 25.0%, a decrease from 26.3% in October. The food and beverages category showed significant year-on-year increases, with fruits up by 32.7%, vegetables by 27.8%, and oils and fats by 16.1%.
Transportation costs rose by 37.6%, driven by a 44.2% increase in public transport services. Cultural and recreational services saw a dramatic rise of 48.5%, spurred by a 62.7% increase in books and stationery. Housing and utilities costs increased by 21.8%, driven by a substantial 49.3% rise in electricity, gas, and fuel prices.
CAPMAS detailed that inflation measurement relies on tracking changes in a basket of over 1,000 goods and services, monitored monthly across eight geographic regions. Due to the volatility in prices for certain items such as vegetables and fruits, weekly checks are conducted on 333 key commodities.
https://www.egypttoday.com/Article/3/136904/Egypt%E2%80%99s-inflation-rate-slows-to-25-5-in-November-CAPMAS
