Moreover, the monthly headline inflation decreased by 0.1 percent in November to 1.4 percent, compared to 1.5 percent in October.

CAPMAS attributed the decline primarily to a fall in the prices of several commodities, including vegetables (by 12.4 percent), meat and poultry (by three percent), bread and cereals (by 0.3 percent), package holidays (by 0.2 percent), and fruits (by 0.4 percent).

However, the prices of other commodities increased, including oils and fats by two percent; mineral water, soft drinks, and natural juices by 2.4 percent; tobacco by 7.1 percent; footwear by 2.1 percent; electricity, gas, and other fuels by 3.1 percent; tools and equipment for house gardens by 3.7 percent; and home furnishings by 2.2 percent.

Among other commodities whose prices increased are hospital services (by 1.3 percent); outpatient services (by 1.2 percent); private transport (by 6.9 percent); transport services (by 6.7 percent); cultural and entertainment services (by 13.3 percent); telephone and fax services equipment (by 2.2 percent); audio, video, photographic, and information processing equipment (by 1.8 percent); hotel services (by 0.6 percent), personal luggage (by 1.5 percent); and personal care products (by 1.1 percent).

CAPMAS data also showed a notable rise in prices in November 2024 compared to November 2023.

For instance, the prices of food and non-alcoholic beverages increased by 23.3 percent; alcoholic beverages and tobacco by 29.6 percent; clothing and shoes by 24.6 percent; housing, water, electricity, gas, and other fuel by 21.8 percent; and furniture, fixtures, household equipment, and maintenance services by 23.5 percent. 

Other examples include healthcare services, which increased by 31.3 percent; transport costs by 37.6 percent, communications by 12.5 percent; cultural and entertainment services by 48.5 percent; restaurants and hotels by 30.4 percent; and miscellaneous goods and services by 19.8 percent.

Conversely, education prices remained stable at 12.3 percent.

Egypt's annual headline inflation rose to 26.3 percent in October, up from 26 percent in September.

Meanwhile, the monthly headline inflation decreased to 1.5 percent, down from 2.3 percent in September.

The annual core inflation rate decreased to 24.4 percent in October, compared to 25 percent in September.

Containing and reducing inflation remains a key priority for Egypt as part of its $8 billion loan agreement with the International Monetary Fund (IMF).

The IMF's Regional Economic Outlook report, which focuses on the Middle East and Central Asia, forecasted that the country's inflation will significantly slow to 16 percent by the end of FY2024/2025, which ends in June 2025.

Fitch Ratings, an American credit rating agency, also predicted Egypt's inflation to fall to 12.5 percent by the end of FY2025.

Furthermore, the Central Bank of Egypt (CBE) had initially set an inflation target of seven percent, with a margin of ±2 percent.

The CBE's Monetary Policy Committee (MPC) sets key interest rates based on global and domestic macroeconomic conditions, particularly inflation trends and the performance of the local currency against the US dollar.

The MPC is scheduled to review key interest rates on 26 December.

In its latest meeting, the central bank decided to keep the overnight deposit rate, overnight lending rate, and main operations rate unchanged at 27.25 percent, 28.25 percent, and 27.75 percent, respectively.

Since March 2022, the CBE has raised key interest rates by 1,900 basis points.