Cairo-Sana
Egypt's annual inflation rate fell to a 10-year low of 2.4 percent at the end of October.
`` The total annual inflation rate was 2.4 percent for October 2019 compared to 17.5 percent for the same month of the previous year, '' the Egyptian Central Agency for Mobilization and Statistics (CAPMAS) said in a statement.
The agency attributed the reasons for this decline to the decline in food prices, the main component of the basket of goods, which is measured by the price index by 6.3 percent.
Egypt experienced an unprecedented wave of price inflation after the Central Bank's decision to float the Egyptian pound as part of an economic reform program launched by the Egyptian government in November 2016.Inflation peaked in July 2017, when the annual consumer price index recorded 34.2 percent, but is declining to the current rate.
The economic reform program also included removing fuel subsidies and imposing value-added tax (VAT), under which Egypt received a $ 12 billion loan from the International Monetary Fund (IMF) in 2016, its last tranche of $ 2 billion last July.
