Inflation inches down to 31.8% in October

CAIRO – 9 November 2017: Egypt’s annual inflation dropped in October to 31.8 percent, compared to 32.9 percent in September, the official statistics agency announced Thursday.

On the monthly level, the increase rate in inflation went down to 0.9 percent, compared with one percent in September, the Central Agency for Mobilization and Statistics (CAPMAS) stated.

Inflation soared to a record high in July on the back of fuel and energy subsidy cuts by the government.

Economic analysts expected inflation to continue dropping in the coming months to allow the Central Bank of Egypt (CBE) to consider cutting interest rates

In its first review published in late September, the International Monetary Fund (IMF) flagged high inflation and fiscal pressures from energy subsidies as main challenges facing the Egyptian government.