Arab Finance: Egypt's annual headline inflation climbed to 38.5% in October, compared to 16.3% in the same month of 2022, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed in a press release on November 11th.

Persisting inflation was driven by the 71.7% year-on-year (YoY) increase in the food and beverage segment last October, resulting from the 101.5% hike in vegetable prices, in addition to the 97% increase in prices of meat and poultry.

The prices under the housing, water, electricity, gas, and fuel segment saw an increase of 7.5% YoY last October.

Additionally, the prices of the alcoholic beverage and tobacco segment were 54.8% higher than in October 2022, and the restaurants and hotels segment recorded an increase of 45% YoY.

Also, the culture and entertainment segment saw an annual surge of 52.6%, whereas the furniture and home appliances segment registered a 40.2% YoY increase in prices.

However, the monthly inflation rate fell to 1.2% in October from 2% in September.

It is worth noting that Egypt's annual headline inflation rose to 38% in September, compared to 15% in the same month of 2022.

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