Egypt: Inflation climbs further in November
December 10, 2015
In November, consumer prices fell 0.3% over the previous month, which contrasted the 2.2% increase recorded in October. According to the Central Agency for Public Mobilization and Statistics, the decrease was mainly driven by lower prices for food and non-alcoholic beverages.
Inflation climbed to 11.1% in November, up from October’s 9.7%. A shortage of foreign currency is driving up the cost of imported goods, including food. Meanwhile, annual average inflation also rose, from 10.1% in October to 10.3% in November. Core inflation, which excludes volatile items such as fresh fruit and vegetables, rose 7.5% over the same month last year, which was higher than the 6.3% increase tallied in October.
Author: Carl Kelly, Economist