Egypt's Inflation Inches Up to 26.5% in October
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Egypt's headline inflation edged up slightly in October, reaching 26.5% compared to 26.4% in September, according to data released by the statistics agency CAPMAS on Sunday.
The increase, while modest, marks the third consecutive month of rising inflation. The median forecast of 17 analysts had predicted inflation to reach 27% in October.
On a monthly basis, inflation rose by 1.1% in October, unchanged from the previous month.
Food prices also increased by 1.1%, compared to 2.6% in September. October food prices were 27.3% higher than they were a year earlier.
Meanwhile, Egypt's core inflation rate, which excludes volatile items like fuel and certain food types, eased to 24.4% year-on-year in October, down from 25% in September, according to separate central bank data.
The surge in inflation has been largely attributed to an expansion of the money supply. Egypt's M2 money supply grew by 29.59% year-on-year in September, central bank data revealed.