Cairo – Mubasher: Egypt’s annual headline inflation rate fell to 27.40% in May 2024 from 31.80% in April.

The inflation in May was primarily fuelled by a 28.90% year-on-year (YoY) uptick in the food and beverage sector, driven by a 26.60% YoY increase in red meat and poultry prices, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Last month witnessed an 83.40% YoY spike in prices for alcoholic beverages and tobacco products, alongside a 58.30% YoY rise in prices within the culture and entertainment sector.

Prices in the restaurants and hotels sector saw a 33.30% YoY increase in May, while the furniture and home appliances segment experienced a 30.70% YoY escalation in prices.

On a monthly basis, the inflation rate decreased -0.8% in May, marking the first decline since June 2022, with the consumer price index (CPI) standing at 221.80 points.

In April, Egypt’s annual headline inflation rate went down by 1.30% from 33.10% in March.