Egypt’s annual core inflation records 24.4% in October according to Central bank

Egypt’s annual core inflation rate stood at 24.4% in October 2024, showing a slight decrease from 25% in September 2024, according to data released by the Central Bank of Egypt (CBE).

This figure, which excludes volatile items like food and energy, indicates a modest easing of inflationary pressures. The monthly core Consumer Price Index (CPI) in October rose by 1.3%, lower than the 1.8% increase seen in October 2023, but slightly higher than the 1.0% recorded in September 2024.

This suggests a potential deceleration in the growth of core prices, although inflation remains a concern.

Further data from the Central Agency for Public Mobilization and Statistics (CAPMAS) showed that Egypt’s annual urban consumer price inflation reached 26.5% in October 2024, a slight increase from 26.4% in September. The monthly urban headline CPI for October rose by 1.1%, marking a marginal rise from 1.0% in October 2023 but a deceleration compared to the sharper 2.1% increase in September 2024. This indicates that, while inflation persists, the rate of increase has slowed in recent months.

These inflationary trends are reflective of the broader economic challenges Egypt is facing, including global commodity price fluctuations, supply chain disruptions, and domestic factors such as currency devaluation. Despite the pressures, the slight drop in core inflation and the slowdown in monthly price increases may indicate some degree of stabilization in certain sectors of the economy. However, continued monitoring will be necessary to gauge whether this trend can be sustained in the face of external and internal economic challenges.