Egypt's annual inflation slows to 5.6% in November

Monthly inflation slowed to 0.1%, versus 1.5% in October, largely owing to a decline in food prices

  
People walk in the Khan el-Khalili shopping area, following the outbreak of the coronavirus disease (COVID-19), in Old Cairo, Egypt July 26, 2020.

People walk in the Khan el-Khalili shopping area, following the outbreak of the coronavirus disease (COVID-19), in Old Cairo, Egypt July 26, 2020.

REUTERS/Amr Abdallah Dalsh

DUBAI - Egypt's annual urban consumer price inflation (CPI) slowed to 5.6% year on year in November, from 6.3% in October, data from the country's statistics agency CAPMAS showed on Thursday. The rate remains within the 5-9% target range set by the central bank.

Monthly inflation slowed to 0.1%, versus 1.5% in October, largely owing to a decline in food prices.

"The monthly inflation reading for November, in our view, was largely reflective of a slowdown in demand-pull factors and, to a smaller degree, consolidation of cost-push variables," Naeem Brokerage said in an analyst note.

(Reporting by Nadine Awadalla Writing by Lina Najem Editing by Jacqueline Wong and David Goodman ) ((Lina.Najem@thomsonreuters.com;))


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