URGENT: Egypt’s monthly inflation slips 0.2% in November – CAPMAS

Egypt’s monthly consumer inflation edged down 0.2 per cent in November, driven mainly by a sharp retreat in vegetable prices, data released by the country’s statistics agency CAPMAS showed Wednesday.

The nationwide Consumer Price Index fell to 263.8 pointsbin November from October, with food and beverage prices declining 2.9 per cent month-on-month. Vegetable prices plunged 15.8% per cent, while meat and poultry fell 1.5 per cent, and dairy, cheese and eggs dropped 1.2 per cent, according to CAPMAS.

These declines came despite increases in several other categories, including electricity, gas and other fuels (3.9%), actual housing rent (2.1%), imputed rent (2.0%), private transport costs (6.4%) and transport services (8.3%).

Prices of ready-made garments rose 1.2 per cent, oils and fats 0.3 per cent, coffee and tea 0.3 per cent, and bottled water and natural juices 0.4 per cent.

The statistics office said annual headline inflation eased slightly to 10.0 per cent in November from 10.1 per cent in October, supported by a broad slowdown in food inflation, with vegetable prices down 16.4 per cent year-on-year and meat and poultry down 3.1 per cent.

However, several key sectors continued to see strong annual increases, including:

* Housing, water, electricity and fuel: +21.7%
* Transport: +21.5%
* Healthcare: +27.8%
* Clothing and footwear: +14.2%
* Restaurants and hotels: +12.9%
* Miscellaneous goods and services: +12.0%

Fruit prices surged 33.2 per cent year-on-year, while increases were also recorded in bread and grains (4.2%), fish and seafood (3.7%) and beverages including coffee and tea (3.4%).

CAPMAS said monthly inflation trends reflected both seasonal declines in certain food categories and continued upward pressure from housing, energy and transport costs.

Attribution: Amwal Al Ghad English