Egypt Daily News – The Central Bank of Egypt said that the monthly rate of change in the general urban consumer price index, announced today by the Central Agency for Public Mobilization and Statistics, is 0.2% in December 2024, compared to 1.4% in December 2023 and 0.5% in November 2024.
The Central Bank added that, on an annual basis, the general urban inflation rate recorded 24.1% in December 2024, compared to 25.5% in November 2024.
Central bank inflation
He explained that the monthly rate of change in the core consumer price index, prepared by the Central Bank, recorded 0.9% in December 2024, compared to 1.3% in December 2023 and 0.4% in November 2024, and on an annual basis, the core inflation rate recorded 23.2% in December. 2024 compared to 23.7% in November 2024.
The Central Bank of Egypt also noted that Egypt’s fiscal consolidation measures tightened its fiscal stance and placed debt on a downward trajectory.
It is worth noting that the latest projections released by the International Monetary Fund (IMF) indicate a significant drop in the country’s inflation to 16 percent by the end of the current FY2024/2025, which ends on 30 June 2024.
The upcoming meeting of the MPC is scheduled for 20 February.
“These developments, along with exchange rate depreciation, drove inflation above the target range, with annual headline inflation peaking at 38 percent in September 2023, before declining to 25.5 percent in November 2024,” the CBE elaborated.
