Egypt says inflation drops to 2.4%, lowest in 2 many years

CAIRO (AP) — Egypt says its annual inflation price dropped to its lowest in practically 20 years, all the way down to 2.4% in October from 4.3% the earlier month.

The figures, introduced Saturday by the state statistics bureau, had been pushed by a decline in meals and drinks costs. These are the one largest element within the basket of products and companies used to gauge inflation.

Khaled el-Sayed, who heads the bureau’s statistics division, tells The Related Press that the Oct. 2019 price was the bottom for the reason that yr 2000. The inflation price was 17.5% in Oct. 2018.

Inflation peaked in 2017, hovering round 30% after the federal government reduce gas and electrical energy subsidies as a part of broader reforms meant to overtake the economic system.

The austerity measures have taken a heavy toll on poor and middle-class Egyptians.

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