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Egypt’s consumer price inflation falls to 6.3 pct in Oct from 6.6 pct in September

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Egypt’s annual urban consumer price inflation slid to 6.3 percent in October from 6.6 percent in September, the country’s statistics agency CAPMAS said on Wednesday.

Month-on-month inflation climbed to 1.5 percent from 1.1 percent in September.

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The month-on-month increase was led by a hike in education fees of 12.7 percent, and a 1 percent rise in the food index, which makes up 32.7 percent of the inflation index, Allen Sandeep of Naeem Brokerage wrote.

“The inflation reading for October, in our view, is also reflective of the worldwide supply chain distortions, which were obvious on meat, fish, milk, cheese and eggs,” Sandeep said.

Red meat and poultry prices jumped by 4.6 percent, milk, cheese and eggs by 2.9 percent fish and seafood by 1.3 percent, he added.

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