Egypt: Annual inflation picks up in December despite monthly price drop
January 8, 2015
In December, consumer prices decreased 0.1% over the previous month, which was up from the 1.5% fall recorded in November. According to the Central Agency for Public Mobilization and Statistics, a drop in the price of clothing and footwear led the monthly decrease. Inflationary pressures had increased during the summer months after the government raised fuel prices and introduced new taxes, but the impact of these policies appears to be fading.
Meanwhile, annual inflation picked up from 9.1% in November to 10.1% in December. In the full year 2014, inflation averaged 10.1%, which was up from the 9.5% registered in 2013.
Author: Carl Kelly, Economist