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FINANCIAL NEWS
Egypt Oct inflation drops to 7.1%
12 Nov 2011
(MENAFN) Egypt’s statistics agency CAPMAS said that last month, the country’s inflation rate was 7.1 percent, compared with 8.2 percent in September, recording the lowest level in four years, reported Arab News.
The agency added that the drop in inflation resulted from the decline in food prices and the slight rise in education fees, however, urban consumer inflation rate would be forecasted to increase again during the current month.
It also said that urban consumer price index for October was 119.2 compared with 111.3 in 2010.
It is worth noting that according to Egypt’s central bank, in the year to October, core annual inflation, which excludes subsidized goods and volatile items including fruit and vegetables, fell to 7.50 percent from 7.95 percent in the previous month.
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