nnual urban inflation rose to 5.9% in December from 5.6% in November, ending a two-month downward trend despite a slowdown in food price inflation, according to figures released yesterday by statistics agency Capmas.
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On a monthly basis, consumer prices fell for the first time in 11 months, dipping 0.1% due to a 1.1% fall in food prices. The annual rate remains at the lower end of the central bank’s 7% (±2%) target range by 4Q2022.
Annual core inflation hit its highest level since June 2019, climbing to 6% y-o-y from 5.8% in November, according to Central Bank of Egypt data (pdf). The core index removes volatile items such as food and fuel from the headline annual urban rate.
