Egypt’s inflation remains unchanged in October

10 Nov 2010

(MENAFN) Urban consumer inflation in Egypt remained unchanged in the year to October, a sign the central bank is unlikely to raise interest rates in December, Reuters reported.

Inflation in the 12 months to October was 11 percent, the state statistics agency Capmas said, on the higher end of analysts’ forecasts.

Six analysts cited forecasts for urban inflation — the most closely watched indicator of prices — that ranged from 10.5 percent to 11.1 percent. The average of the forecasts was 10.83 percent.

The central bank kept its key overnight interest rates steady at a four-year-low, saying non-food inflation was largely subdued and global economic growth was uncertain.

The bank held its overnight lending rate steady at 9.75 percent and the deposit rate at 8.25 percent, its ninth pause since it stopped cutting rates in September 2009. It also left the discount rate unchanged at 8.5 percent.

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