Egypt's year-on-year inflation drops below 30% in first since January

Jack Dutton

Jun 10, 2024

An Egyptian man drives a tuk-tuk (motorised rickshaw) in the al-Khalifa district of Egypt's capital Cairo on January 11, 2023. - With Egypt's economy in crisis, the currency in freefall and inflation skyrocketing, the poor have been hit hard but the middle class is also teetering on the brink. (Photo by Khaled DESOUKI / AFP) (Photo by KHALED DESOUKI/AFP via Getty Images) — An Egyptian man drives a tuk-tuk in the al-Khalifa district of Egypt's capital Cairo on Jan. 11, 2023. — KHALED DESOUKI/AFP via Getty Images

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Egypt's year-on-year inflation has fallen below 30% for the first time since January, according to official figures released Monday, as the North African country recovers from its worst economic crisis in over 50 years.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced that Egypt’s inflation rate maintained its downturn for the fourth consecutive month, dropping to 28.15% in May from 32.54% in April.

May’s inflation rate was the first below 30% since January. May 2023's rate was 32.75%.

CAPMAS said the decline in May 2024 was due to lowering bread and cereal prices by 2.5%, poultry and meat by 4.6%, oils and fats by 3% and other food by 1.7%. Overall, food and beverage prices dropped by 3.1% compared to April.