Arab Finance: Egypt's annual headline inflation dropped to 35.2% in December, compared to 36.4% in November, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed in a press release on January 10^th.

Persisting inflation was driven by the 60.1% year-on-year (YoY) increase in the prices of the food and beverage last December, resulting from the 73.7% hike in prices of meat and poultry and the 83.3% increase in vegetable prices.

Additionally, the prices of the alcoholic beverage and tobacco segment were 72.3% higher than in December 2022, and the restaurants and hotels segment recorded an increase of 42.5% YoY.

The furniture and home appliances segment registered a %38.1% YoY increase in prices, while the goods and service sector saw a 26.6% YoY surge in prices.

However, the monthly inflation rate rose to 1.2% in December from 0.9% in November, with the consumer price index (CPI) recording 194.2 points.

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