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In November, Egypt’s Inflation Rate Dropped To 36.4%.

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In November, Egypt's Inflation Rate Dropped To 36.4%.

(CTN News) – In November, Egypt’s annual urban consumer price inflation slightly decreased to 36.4 percent, down from 38.5 percent in October, as the Central Agency for Public Mobilization and Statistics reported.

The primary reason for this decline can be attributed to a slowdown in the rise of food prices. Notably, meat and poultry prices decreased by 1.5 percent, fruits by 3.5 percent, and vegetables by 4.7 percent.

Furthermore, transportation services experienced a 2.3 percent decrease, while hotel services saw a modest drop of 0.3 percent.

These factors collectively contributed to tempering the overall inflation rate. On a month-to-month basis, food prices increased by 0.9 percent in November, compared to a 1 percent increase in October.

It is worth mentioning that food prices experienced a slight rise of 0.2 percent every month, but witnessed a significant surge of 64.5 percent compared to the previous year.

This decrease in inflation comes after a continuous upward trend that lasted for two years, reaching its peak in September with an inflation rate of 40.3 percent.

The figures for November indicate the lowest inflation rate since May, suggesting a potential stabilization in Egypt’s urban consumer prices.

In the food and beverage sector, there was a modest increase of 0.1 percent in November compared to October, which can be attributed to various price adjustments across different groups.

Specifically, the grains and bread category experienced a notable increase of 5.2 percent, while fish and seafood prices saw a slight rise of 0.1 percent.

Dairy products and eggs witnessed a 2.7 percent increase, and the oils and fats group saw a 1.0 percent price hike.

Of particular note, sugar, and sweet foods substantially increased by 5.9 percent. Furthermore, there was a 2.8 percent increase in coffee, tea, and cocoa prices, reflecting the diverse dynamics impacting the sector.

In the furniture, fixtures, household equipment, and maintenance sectors, there was a 1.3 percent increase, primarily driven by changes in the prices of home furnishings (2.2 percent), home appliances (2.0 percent), and tools, glassware, tableware, and household utensils (1.1 percent).

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