Egypt’s monthly inflation rate increased by 1.1 percent in November to reach 2.9 percent, up from 1.8 percent in October, the Central Agency for Public Mobilisation and Statistics (CAPMAS) announced on Thursday.

The annual headline inflation rate rose to 6.3 percent in November, up from 2.7 percent in November 2019, according to CAPMAS.

These rates are within the limit range the Central Bank of Egypt (CBE) has set by nine percent (plus or minus three percent).

In November, CAPMAS announced that Egypt’s annual headline inflation rate doubled in October to reach 4.5 percent, up from 2.4 percent in October 2019.

CAPMAS attributed the increase in inflation rates to the rise in the prices of foodstuffs and bavereges in November by 3.2 percent,  a 4 percent increase Y-o-Y.

In its latest report on the MENA region’s economic outlook, released in November, Fitch Solutions expected Egypt’s inflation rate to record 5.9 percent, anticipating the CBE will keep the current interest rates at 9.75 percent until the end of 2020.

On 24 December, the CBE’s Monetary Policy Committee (MPC) is expected to hold its last meeting for 2020 to review the key interest rates. The decision relates to a number of indices, including the latest inflation rate recorded.