The Egyptian Statistics Agency on Thursday came out to say the country’s yearly metropolitan cost of living went down from 33.7% in December to 29.8% last month.
As a result, prices went up by 2% from 1.4% in December to 1.6% in January. This also had ripple effect on food prices as it went up by 1.4% coming from 2.1% in December
From last year January to this January, food prices went up 47.5% compared to 60.5% in December 2022 to last year December.
Analysts had predicted a yearly decrease in cost of living to 32.5%.
The country’s has been on a good side as the rate of inflation has been decreasing since September when it reached a record high of 38.0%.
Analysts expect the inflation to reduce to 31.9%.
The Central Bank said the inflation, which fuel and some unpredictable food items were excluded, was reduced to 29.0% in January from 34.2% in December.
