Egypt’s annual inflation reduced to 7.5 per cent in October, a significant dip from September’s figure of 8.5 per cent, according to the country’s Central Agency for Statistics and Mobilisation (CAPMAS).
CAPMAS said food prices, which account for 44 per cent of Egypt’s consumer price index, dropped 0.5 per cent below September’s level.
The annual increase in food prices dropped to 8.7 per cent in October from 8.9 per cent in September.
Urban consumer price inflation, the most closely watched indicator, also eased to 7.1 per cent in the 12 months to October, from 8.5 per cent in September.
Head of CAPMAS, Abu Bakr Al-Gendy, attributed the October inflation slide to weakening purchasing power in Egypt’s markets, as well as the general economic slowdown.
The drop in inflation is in line with earlier forecasts, which predicted the fall in September and October to reverse in November and December.