URGENT: Egypt’s annual inflation drops in Dec ’24

FeaturedEgypt NewsNews
By Aya Anwar

Egypt’s annual inflation rate eased to 23.4 per cent in December 2024, down from 25 per cent in November 2024. On a month on month basis, recorded 0.0 per cent compared to (-) 0.1 per cent in November 2024, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).

Meanwhile, Consumer Price Index (CPI) for the entire republic reached 239.7 points during the same period.

Key Drivers of the Inflation Change:

1. Decline in Food Prices:

  • A significant decrease was observed in several food categories, including:
    • Vegetables: -14.0 per cent
    • Dairy products, cheese, and eggs: -0.7 per cent
    • Seafood: -0.6 per cent
    • Meat and poultry: -0.1 per cent

2. Rising Costs in Other Sectors:

  • Increases were noted in the following areas:
    • Telephone and fax services: 11.0 per cent
    • Fruit prices: 7.5 per cent
    • Medical equipment and devices: 5.5 per cent

Monthly Inflation: December 2024 vs. November 2024

1. Food and Beverages:

  • Decrease:
    • Vegetables: -14.0 per cent
    • Seafood: -0.6 per cent
    • Meat and poultry: -0.1 per cent
    • Dairy products, cheese, and eggs: -0.7 per cent
  • Increase:
    • Fruit: 7.5 per cent
    • Oils and fats: 0.7 per cent
    • Sugar and sugary products: 0.2 per cent

2. Housing, Utilities, and Fuel:

  • Increased by 0.9 per cent, driven by:
    • Actual rent: 1.6 per cent
    • Imputed rent: 1.2 per cent
    • Electricity, gas, and fuel prices: 0.7 per cent

3. Healthcare Services:

  • Rose by 3.7 per cent, with the largest increases seen in:
    • Medical equipment and devices: 5.5 per cent
    • Hospital services: 1.4 per cent
    • Out-patient services: 0.8 per cent

4. Telecommunications:

  • Recorded the sharpest rise of 10.2 per cent, with a notable increase in telephone and fax services by 11.0 per cent.

Annual Comparison: December 2024 vs. December 2023

1. Food and Beverages:

  • Food prices surged by 19.2 per cent, with significant increases in:
    • Fruit: 37.2 per cent
    • Dairy products, cheese, and eggs: 23.6 per cent
    • Oils and fats: 13.9 per cent

2. Other Categories:

  • Education costs was flat at 12.3 per cent
  • Healthcare saw a rise of 35.0 per cent
  • Transport costs were up by 37.7 per cent

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama

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