Egypt’s inflation lowest in nearly a decade

Egypt's inflation rate dropped to the lowest level in nearly a decade last month, official figures showed Saturday, as cheaper food offered respite to consumers squeezed by IMF-backed reforms.

The annual inflation rate was 2.4 percent in October, compared with 17.5 percent a year earlier, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said.

The state body said the decrease was due to a drop in the cost of household items such as food and drink.

“The increase in agricultural production led to a drop in prices of fruit and vegetables, which in turn affected food prices that make up about 40 percent of consumer costs," Cairo-based economist Iman Negm told AFP.