The median forecast of 19 analysts polled showed annual urban consumer inflation slipping to 37.1% from 38.0% in September.
"The slight drop in the inflation rate from last month is likely supported by the decision to reduce the retail prices of some staple foods for six months as of mid-October 2023 while exempting them from custom duties," said Ralf Wiegert of Standard & Poors.The government, in its battle against inflation, announced on Oct.
Egypt's currency was allowed to fall by about half against the dollar in the year to March 2023, but since then has remained fixed, despite an Egyptian commitment to the International Monetary Fund to adopt a flexible exchange rate. "In our view, this is likely to keep real interest rates deep in negative territory in the months to come," HSBC said.left rates steady
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