Inflation & Prices
Egypt Inflation Ended Year on Downswing That Now Hinges on Pound
- Price growth slows for third month to reach 33.7% in December
- Looming devaluation threatens new wave of inflation pressures
Inflation will likely continue slowing “considerably” throughout 2024.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Egyptian inflation slowed for the third month in a row and looks set to decelerate further unless authorities move to weaken the pound again in the coming weeks.
Consumer prices in urban parts of the country grew an annual 33.7% in December, down from 34.6% the previous month and the slowest since May, according to data published on Wednesday. Increases in the cost of food and beverages, the largest single component of the inflation basket, fell to 60.5%.