Despite this decline, November’s inflation level remains well above 21.5 percent in the same month of 2022. It is also far beyond the seven percent (±2 percent) target the Central Bank of Egypt (CBE) has set through the end of 2024.

The agency attributed this downturn to the decrease in the prices of meat and poultry, fruit, vegetables, and transportation services by 1.5 percent, 3.5 percent, 4.7 percent, and 2.3 percent respectively.

On the other hand, the prices of other commodities increased including grains and bread; dairy, cheese, and eggs; sugar and sugary foods; and tobacco, by 5.2 percent, 2.7 percent, 5.9 percent, and 11.7 percent, respectively.

Furthermore, the monthly inflation rate also declined in November, dropping by 1.2 percent compared to the 1.2 percent recorded in October.

Under its four-year Extended Fund Facility Programme with the International Monetary Fund (IMF), Egypt is committed to taming inflation down to seven percent by FY2024/2025 while expanding the adoption of flexible interest and foreign exchange rate regimes.

The country has been actively implementing the terms of the four-year loan programme, which allows Egypt to access $3 billion in eight installments, with hopes to increase it to $5 billion.

Cairo was slated to receive two more tranches in March and September of this year, but these were delayed. Egypt has yet to fulfill the two reviews stipulated in the loan agreement.

The CBE's Monetary Policy Committee is anticipated to convene on 21 December to review the key interest rates in light of the global and local economic developments; mainly the inflation rates trend.