Egypt’s annual urban consumer price inflation slightly increased to 26.5% in October, up from 26.4% in September, according to data released by the state statistics agency CAPMAS on Sunday. This figure came in just below analysts’ expectations.
Monthly inflation growth remained steady at 1.1% in October, the same rate as the previous month. A poll of 17 analysts had forecasted a rise to 27% for annual inflation in October.
October marked the third consecutive month of rising annual inflation. Food prices saw a 1.1% increase in October, down from a 2.6% rise in September, but remained 27.3% higher compared to the previous year.
The surge in inflation has been driven in part by an expanding money supply. Data from the central bank indicated that Egypt’s M2 money supply experienced a 29.59% year-on-year growth in September.