12 Dec 2021
CAPMAS (The Center for Public Mobilization & Statistics) released Egypt’s inflation figures for November 2021. Headline urban inflation came in at 5.6%, down from 6.3% in October 2021. Month over month inflation came in at only 0.1% in November 2021 versus 1.5% in October 2021. Nationwide inflation registered 6.2% in November 2021 versus 7.3% in October 2021. One of the main drivers of the slowdown in inflation was a considerable drop in the prices of food by 13%, compared to a 23% surge in October 2021.
On the other hand, the CBE (Central Bank of Egypt), which has a different method for measuring inflation, reported core inflation of 5.7% in November 2021, up from 5.2% in October 2021. Core inflation does not include volatile items such as food, which witnessed price drops in November 2021. The current rate of inflation is still in the lower end of the CBE’s target inflation range of 5-9%.
(Source: Zawya (English), Business Today Egypt (English), Amwal al-Ghad (English) (Arabic), Egypt Today (English), See News (English), Arab News (English), al-Maal, Mubasher, Economy Plus Me, al-Shurouk, Sada el-Balad, CNBC Arabia, al-Sharq Business, CNN Arabic, RT Arabic, al-Arabiya)