Egypt’s annual inflation rate dropped to 2.4 percent in October 2019, marking the lowest annual inflation rate in recent records. According to Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s national statistics agency, the inflation rate plunged from 17.5 percent in October 2018 to 2.4 percent in October 2019. The last time Egypt’s annual inflation rate was recorded at a similar low level was in 2001 and 2002, where inflation was recorded at 2.43 percent. Since February 2019, the inflation rate has been steadily declining. In June, the inflation rate dropped from 13.2 percent to 8.9 percent. Meanwhile, in September, the inflation rate dropped from 6.7 percent to 4.3 percent. According to CAPMAS, the lower inflation rate is primarily driven by a decline in food and beverage prices. Inflation had peaked in 2017, when it was recorded at an annual rate of 29.5 percent, rivaling high inflation rates recorded in the 1980s. News of the low inflation rate comes months after CAPMAS released a report that revealed 32.5 percent of Egyptians are living below the poverty line – an increase of 4.7 percent from 2015. The increase in the…
