Egypt Daily News – The inflation data for October 2024 indicates a continued trend of decreasing core inflation rates, with the annual core inflation rate dropping to 24.4%, down from 25% in September.
This marks the second consecutive monthly decline. The Central Bank’s core consumer price index change rate also showed improvement, decreasing to 1.3% in October 2024 compared to 1.8% in October 2023 and a drop from 1% in September 2024.
Similarly, the overall consumer price index in urban areas recorded a monthly change rate of 1.1% in October 2024, a slight increase from 1% in October 2023, but a decrease from 2.1% in September 2024. On a year-on-year basis, the overall inflation rate in urban areas slowed slightly to 26.5%, up from 26.4% in September.
The differences in inflation rates can be attributed to the Central Bank’s focus on core inflation, which excludes volatile items such as vegetables and fruits as well as administratively priced goods like gasoline and diesel.
This approach aims to provide a clearer picture of the underlying inflation trends and the effectiveness of monetary policy.
Despite these positive indications of decreasing inflation rates, the overall inflation remains significantly above the Central Bank’s target of 7% to 9% by the end of December, highlighting ongoing challenges in achieving stable prices.
