Egypt's annual inflation rate to fall to 28.1%

The Egypt’s Central Agency for Public Mobilisation and Statistics (CAPMAS) reports that the country's annual urban inflation rate decreased from 32.5 per cent in April 2024 to 28.1 per cent in May 2024. This information was provided by Daily News Egypt, a partner of TV BRICS.

Additionally, the Central Bank of Egypt (CBE) determined that monthly core inflation in May 2024 was -0.8 per cent, a decrease from 2.9 per cent in the same month the previous year and 0.3 per cent in April 2024.

The report claims that the cost of the following food groups has decreased nationwide: bread and cereals, meat and poultry, fish and shellfish, dairy products, cheese and eggs, oils and fats, vegetables, sugar and sweet foods, other food items, and prepared meals.

On the other hand, fruits, coffee, tea, and cocoa, textiles, ready-made clothing, shoes, rentals, tobacco, home goods, and utilities all saw price hikes.

Additionally, the CBE anticipates a sharp drop in inflation in the first half of 2025.

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