Statistics Authority data showed that consumer price inflation in Egyptian cities rose slightly to 26.5% in October compared to 26.4% last September.
As for the annual inflation rate for the entire republic, it slowed to 26.3% for the month of October 2024, compared to 38.5% for the same month last year.
The agency attributed the reasons for the decline in the monthly inflation rate to the decrease in the prices of the fruit group by 2.1%, the vegetable group by 0.4%, and the hotel services group by 0.4%.
He added that this came despite the increase in the prices of the meat and poultry group by 3.3%, the fish and seafood group by 2.1%, the dairy, cheese and eggs group by 2.0%, the coffee, tea and cocoa group by (1.2%), and the mineral and carbonated water and natural juices group by 1.1%. %, the grains and bread group by 0.8%, the oils and fats group by 0.3%, the electricity, gas and fuel materials group by 7.2%, the housing maintenance and repair group by 1.5%.
On an annual level, according to data from the Statistics Authority, the food and beverages section recorded an increase of 26.9%, and the changes come as a result of the increase in the prices of the cereals and bread group by 36.7%, the increase in the prices of the meat and poultry group by 19.7%, and the increase in the prices of the fish and seafood group by 21.9%. The prices of the dairy, cheese and eggs group increased by 29.9%.
The prices of the oils and fats group also increased by 14.9%, the prices of the fruit group by 28.5%, the prices of the vegetables group by 39.1%, the prices of the sugar and sugary foods group by 15.2%, the prices of the coffee, tea and cocoa group also increased by 28.1%, and the prices of the mineral and carbonated water group increased. And natural juices by 39.2%.
The alcoholic beverages and tobacco section recorded an increase of 35.1% due to an increase in the prices of the alcoholic beverages group by 16.1%, and the tobacco group by 35.1%.
As for the clothing and shoes section, it recorded an increase of 24.4% due to the increase in prices of the fabrics group by 31.9%, the ready-made clothing group by 24.9%, the other clothing and accessories group by 29.9%, and the shoes group by 21.1%.
The Housing, Water, Electricity, Gas and Fuel section recorded an increase of 20.3% due to an increase in the prices of the actual housing rental group by 8.6%, the housing maintenance and repair group by 16.7%, the water and miscellaneous services related to the housing group by 20.5%, and the electricity, gas and other fuel materials group by 44.9%. .
In the furniture, fixtures, household equipment and maintenance section, an increase of 24.0% was recorded due to the increase in prices of the furniture, fixtures, carpets and other floor coverings group by 22.0%, the home furnishings group by 28.2%, the home appliances group by 28.0%, and the home and garden tools and equipment group by 31.4%. The group of goods and services used in home maintenance by 22.5%.
Source: Egyptian media
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**Interview with Dr. Amina Khaled, Economist and Inflation Specialist**
**Interviewer:** Thank you for joining us today, Dr. Khaled. The most recent data from the Statistics Authority indicates a slight increase in consumer price inflation in Egyptian cities. What are your thoughts on this uptick to 26.5%?
**Dr. Khaled:** Thank you for having me. The increase to 26.5% in October is concerning but it’s worth noting that this is a minor rise from September’s 26.4%. inflation in October 2024 has slowed compared to the previous year, which is a positive sign. It suggests that we might be seeing some stabilization in the market.
**Interviewer:** Can you elaborate on the factors that contributed to the decline in the annual inflation rate to 26.3% this October compared to 38.5% last year? What do you attribute this decrease to?
**Dr. Khaled:** Certainly! The Statistics Authority has attributed this decline to reduced prices in certain categories, specifically fruits and vegetables, which saw decreases of 2.1% and 0.4%, respectively. Additionally, hotel service prices also fell by 0.4%. These decreases are critical as they can offset increases in other areas, such as meat, poultry, and dairy products, which have all seen significant price hikes.
**Interviewer:** Speaking of price increases, could you explain which categories are driving inflation up, particularly in the food sector?
**Dr. Khaled:** Absolutely. The food and beverages section remains a significant contributor to inflation. Notably, the prices of cereals and bread jumped by 36.7%, while meat and poultry rose by 19.7%. Seafood also saw a staggering 21.9% increase. Such sharp increases can heavily impact overall inflation rates, especially for low-income households that spend a larger portion of their income on food.
**Interviewer:** With a projected consumer price inflation rate of 33.3% for 2024 according to the IMF, how do you foresee the economic outlook for Egypt?
**Dr. Khaled:** The projected inflation rate of 33.3% is indeed worrying. It indicates that the government and policymakers will need to take decisive action to manage inflation effectively. Tightening monetary policy and ensuring food supply stability will be essential. Additionally, addressing structural issues that affect the agriculture and food supply chain can help in stabilizing prices in the long term.
**Interviewer:** Thank you, Dr. Khaled, for your insights. It seems like there is both a challenge and an opportunity for the Egyptian economy moving forward.
**Dr. Khaled:** Exactly, and we must remain vigilant and adaptive to the changes in the economic landscape. Thank you for having me.
