CAIRO, Nov 13 (Arab News): Egypt's annual urban consumer price inflation rate dropped to 35.8 per cent in October from a record high of 38 per cent in September, data from the country's statistics agency CAPMAS showed on Saturday, coming in lower than analysts had expected.
The median forecast of 19 analysts polled by Reuters had shown inflation slipping to 37.1 per cent.
Month on month, price rises slowed to 1 per cent in October from 2 per cent in September.
Inflation had accelerated every month since June, when it reached 35.7 per cent, topping the previous high of 32.95 per cent in July 2017.
Food and beverage prices rose by 1.5 per cent month on month and an annual 71.3 per cent, CAPMAS said.
Meanwhile, Egypt's central bank said on Monday it sold $1.6 billion in one-year dollar-denominated Treasury bills with an average yield of 4.6 per cent. The auction will be settled on Tuesday.
Egypt's inflation eases to 35.8pc
FE Team | Published: November 13, 2023 23:49:39
Egypt's inflation eases to 35.8pc
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