Egypt’s annual headline inflation declines to 5.4% the lowest since October: CAPMAS

Egypt’s annual headline inflation declines to 5.4% the lowest since October: CAPMAS

Egypt's annual headline inflation declines to its lowest since October reaching 5.4 percent in December, down from the 5.7 percent in November, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Sunday.

CAPMAS attributed the decrease to the reduction of record consumer prices in December by 0.5 percent in comparison to November.

In November, CAPMAS announced that the annual headline inflation rate rose to 6.3 percent in November 2020, up from 2.7 percent in November 2019.

Vegetable prices have dropped by 10.1 percent; seafood by 0.6 percent; meat and poultry by 0.2 percent; milk, cheese and eggs by 0.1 percent and ready-made garments fell by 0.6 percent.

On the other hand, a number of other products' prices saw a rise in December, including fruits by 3.8 percent; oil and fats by 0.5 percent; grains and bread by 0.2 percent and transport services by 0.7 percent, according to CAPMAS.

Meanwhile, monthly inflation in urban areas witnessed a slowdown by 0.4 percent, reaching its lowest level in 18 months, after having expanded by 0.8 percent in November, according to CAPMAS.

Egypt's monthly inflation rate increased by 1.1 percent in November to reach 2.9 percent, up from the 1.8