Egypt’s annual urban inflation eases to 12.7% in October

RIYADH: Egypt’s annual urban inflation slowed to a nine-month low of 12.7 percent in October, down from 13.9 percent in September, partly reflecting favourable base effects, official data showed.

The monthly urban headline consumer price index, released by the Central Agency for Public Mobilization and Statistics, rose 0.7 percent in October, compared with 1.8 percent in the same month last year and 1.3 percent in September.

The Central Bank of Egypt raised its key interest rates by 100 basis points on Oct. 29, taking the overnight deposit rate to 20 percent and the lending rate to 21 percent.

The bank said the move aimed to anchor inflation expectations and safeguard the disinflation trajectory amid challenging external conditions.