Egypt’s inflation dips to close two-year low of 25.5% in November

CAIRO (Reuters) -Egypt’s annual city client value inflation price dropped greater than anticipated to 25.5% in November, its lowest since December 2022, knowledge from statistics company CAPMAS confirmed on Tuesday.

Inflation started climbing precipitously in early 2022 following the Russian invasion of Ukraine, which prompted overseas traders to withdraw billions of {dollars} from Egyptian treasury markets.

Headline inflation climbed to a report excessive of 38.0% in September 2023. By October 2024 it had fallen to 26.5%.

The median forecast of 15 analysts in a Reuters ballot had been for annual inflation to inch right down to 26.4% final month.

On a month-to-month foundation, headline inflation rose by 0.5% in November, down from 1.1% in October, CAPMAS knowledge confirmed.

Meals costs dropped by 2.8% on the month in contrast with 1.1% in October to face 23.3% greater than they have been a 12 months earlier.

Inflation has been fuelled largely by an growth of the cash provide. Egypt’s M2 cash provide grew by 29.54% year-on-year in October, central financial institution knowledge confirmed.