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Egypt witnessed a decline in its annual urban consumer price inflation in November, marking a decrease from 35.8% in October to 34.6%, as reported by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Sunday. This shift was attributed to a deceleration in the rate of food price escalations, according to CAPMAS data.

Contrary to the median forecast of 34.8% by 18 polled analysts, the actual inflation figure proved slightly lower. The month-on-month analysis revealed a 1.3% increase in prices for November, up from the 1.0% recorded in October. Food prices experienced a 0.2% uptick, registering a substantial 64.5% surge on a year-on-year basis.

The trajectory of annual inflation had been upward for the past two years, reaching a peak of 38.0% in September. However, the November reading indicates a downward trend, representing the lowest inflation rate since May. The data suggests a noteworthy moderation in inflationary pressures, particularly influenced by a slowdown in the acceleration of food prices.