Egypt’s annual inflation fell to 6.3% in October, from Reuters by 6.6% in September

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© Reuters. FILE PHOTO: Overview of houses, towers, banks and hotels in Cairo (Egypt), 9 November 2020. REUTERS / Amr Abdallah Dalsh
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DUBAI (Reuters) – Egypt’s annual inflation in urban consumer prices fell to 6.3% in October from 6.6% in September, the country’s statistics agency CAPMAS said on Wednesday.
Monthly inflation rose to 1.5% from 1.1% in September.
The month-on-month increase was due to a 12.7% increase in education fees and a 1% increase in the food index, which is 32.7% of the inflation index, wrote Allen Sandeep of Naeem Brokerage.
“The October inflation reading, in our view, also reflects distortions in the global supply chain, which were evident in meat, fish, milk, cheese and eggs,” Sandeep said.
Red meat and poultry prices rose by 4.6%, while milk, cheese and eggs rose by 2.9% and fish and seafood by 1.3%.
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